Permanent university fund mining royalty income allocation modifications

SF 2881 modifies how Minnesota allocates mining royalty income within the Permanent University Fund. It increases the annual cap for mineral research funding from $50 million to $150 million and adjusts allocations for STEM programs and scholarships. Specifically, 25% of the income must fund mineral research at Duluth/Coleraine facilities, another 25% supports mining/STEM programs and scholarships at Minnesota North College and UMD, and the remainder goes to the endowed scholarship account for resident undergraduates. The bill maintains existing reporting requirements to legislative committees about fund usage. This directly affects University of Minnesota campuses, Iron Range workforce development, and eligible Minnesota students in designated programs.