Minnesota Agencies

Issues tax exempt revenue bonds for capital improvements at nonprofit private postsecondary educational institutions in Minnesota.

The Authority issues revenue bonds to assist Minnesota colleges and universities. Since it was created in 1971, over $1.9 billion have been issued for capital projects and refinancings. The legislature intended tax exempt financing to be available efficiently and economically but without any cost to the state or its taxpayers.

The borrowers are generally private nonprofit educational institutions authorized to provide education beyond high school. Eligible projects include facilities for housing, academic and administrative purposes, parking, student centers and other buildings and equipment to be used for instruction, research, or operations.

Public colleges in the State are also eligible but are limited to child-care and parking facilities or special projects authorized by special legislation. [Paragraphs above are from: Authority Website 2/16/12]

10 members (8 appointees, including an expert in construction, one in higher education , and one in municipal financing; at least 2 members must reside outside the metropolitan area; president of the Minnesota Private College council, executive director of the Higher Education Facilities Authority ex officio); appointed by governor; senate confirmation required; per diem; members file with Ethical Practices Board.; 1990: 8 members; Previously: 7 members