Minnesota 2025-2026 Regular Session

Minnesota Senate Bill SF2881 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	1.1 A bill for an act
2	2	1.2 relating to higher education; modifying the allocation of mining royalty income
3	3	1.3 within the permanent university fund; amending Minnesota Statutes 2024, section
4	4	1.4 137.022, subdivisions 3, 4.
5	5	1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
6	6	1.6 Section 1. Minnesota Statutes 2024, section 137.022, subdivision 3, is amended to read:
7	7	1.7 Subd. 3.Endowed chair account.(a) For purposes of this section, the permanent
8	8	1.8university fund has three accounts. The sources of the money in the endowed mineral
9	9	1.9research and endowed scholarship accounts are set out in paragraph (b) and subdivision 4.
10	10	1.10All money in the fund that is not otherwise allocated is in the endowed chair account. The
11	11	1.11income from the endowed chair account must be used, and capital gains allocated to that
12	12	1.12account may be used, to provide endowment support for professorial chairs in academic
13	13	1.13disciplines. The endowment support for the chairs from the income and the capital gains
14	14	1.14must not total more than six percent per year of the 36-month trailing average market value
15	15	1.15of the endowed chair account of the fund, as computed quarterly or otherwise as directed
16	16	1.16by the regents. The endowment support from the income and the capital gains must not
17	17	1.17provide more than half the sum of the endowment support for all university chairs and
18	18	1.18professorships endowed, with nonstate sources providing the remainder. The endowment
19	19	1.19support from the income and the capital gains may provide more than half the endowment
20	20	1.20support of an individual chair.
21	21	1.21 (b) If any portion of the annual appropriation of the income is not used for the purposes
22	22	1.22specified in paragraph (a) or subdivision 4, that portion lapses and must be added to the
23	23	1Section 1.
24	24	25-04391 as introduced03/17/25 REVISOR VH/EH
25	25	SENATE
26	26	STATE OF MINNESOTA
27	27	S.F. No. 2881NINETY-FOURTH SESSION
28	28	(SENATE AUTHORS: HAUSCHILD and Rarick)
29	29	OFFICIAL STATUSD-PGDATE
30	30	Introduction and first reading03/24/2025
31	31	Referred to Higher Education 2.1principal of the three accounts of the permanent university fund in proportion to the market
32	32	2.2value of each account.
33	33	2.3 Sec. 2. Minnesota Statutes 2024, section 137.022, subdivision 4, is amended to read:
34	34	2.4 Subd. 4.Mineral research; scholarships.(a) All income credited after July 1, 1992,
35	35	2.5to the permanent university fund from royalties for mining under state mineral leases from
36	36	2.6and after July 1, 1991, must be allocated as provided in this subdivision.
37	37	2.7 (b)(1) Beginning January 1, 2013 2026, 50 percent of the income must be allocated
38	38	2.8according to this paragraph.
39	39	2.9 One-half (1) One-fourth of the income under this paragraph, up to $50,000,000
40	40	2.10$150,000,000, must be credited to the endowed mineral research account of the fund to be
41	41	2.11allocated for the Natural Resources Research Institute-Duluth and Coleraine facilities, for
42	42	2.12mineral and mineral-related research, including mineral-related environmental research, at
43	43	2.13the Natural Resources Research Institute-Duluth and Coleraine facilities.
44	44	2.14 The other one-half (2) One-fourth of the income under this paragraph, up to $25,000,000,
45	45	2.15is must be credited to an endowment for the costs of operating mining, mineral, and
46	46	2.16mineral-related, degree programs or science, technology, engineering, and mathematics
47	47	2.17(STEM) degree programs offered through the University of Minnesota at Minnesota North
48	48	2.18College and the University of Minnesota Duluth Swenson College of Science and Engineering
49	49	2.19at Duluth to support workforce development and collaborations benefiting regional
50	50	2.20academics, industry, and natural resources on the Iron Range in northeast Minnesota, and
51	51	2.21for providing scholarships for Minnesota students, prioritizing students in the Minnesota
52	52	2.22Economic Development Region 3, to attend the mining, mineral, mineral-related, or STEM
53	53	2.23degree programs. The maximum scholarship awarded to attend the degree programs funded
54	54	2.24under this paragraph cannot exceed 75 percent of current resident tuition rates per academic
55	55	2.25year and may be awarded a maximum of four academic years.
56	56	2.26 (3) One-fourth of the income under this paragraph must be credited to the Natural
57	57	2.27Resources Research Institute for general operating and research costs.
58	58	2.28 (2) The remainder of the income under paragraph (a) (4) One-fourth of the income under
59	59	2.29this paragraph, plus the amount of any remainder of the income allocated under clause (1)
60	60	2.30after $50,000,000 $150,000,000 has been credited to the endowed mineral research account
61	61	2.31for the Natural Resources Research Institute and the amount of any income over the
62	62	2.32$25,000,000 for the programming in clause (1) and the remainder of the income allocated
63	63	2.33under clause (2) after $25,000,000 has been credited to an endowment for mining, mineral,
64	64	2Sec. 2.
65	65	25-04391 as introduced03/17/25 REVISOR VH/EH 3.1mineral-related, or STEM degree programs and scholarships, must be credited to the endowed
66	66	3.2scholarship account of the fund for distribution annually for scholastic achievement as
67	67	3.3provided by the Board of Regents to undergraduates enrolled at the University of Minnesota
68	68	3.4who are resident students as defined in section 136A.101, subdivision 8.
69	69	3.5 (c) The annual distribution from the endowed scholarship account must be allocated to
70	70	3.6the various campuses of the University of Minnesota in proportion to the number of
71	71	3.7undergraduate resident students enrolled on each campus.
72	72	3.8 (d) The Board of Regents must report to the education committees of the legislature
73	73	3.9biennially at the time of the submission of its budget request on the disbursement of money
74	74	3.10from the endowed scholarship account and to the environment and natural resources
75	75	3.11committees on the use of the mineral research account.
76	76	3.12 (e) Capital gains and losses and portfolio income of the permanent university fund must
77	77	3.13be credited to its three accounts in proportion to the market value of each account.
78	78	3.14 (f) The endowment support from the income and capital gains of the endowed mineral
79	79	3.15research and endowed scholarship accounts of the fund must not total more than six percent
80	80	3.16per year of the 36-month trailing average market value of the account from which the support
81	81	3.17is derived.
82	82	3Sec. 2.
83	83	25-04391 as introduced03/17/25 REVISOR VH/EH