The Revenue Fund is Minnesota State's statutorily-authorized bond fund the colleges and universities may use to finance auxiliary buildings, such as residence halls, student unions and parking ramps. Revenue bond sales are scheduled in odd-numbered years. The system office manages the revenue bond fund on behalf of the colleges and universities.

Latest Sale

2017 Revenue Bond Sale - $55.1 million bond sale closed February 22, 2017, saving five campuses $5.2 million for the remaining term of the bonds.

  • The $51.9 million, 2017 Series A bonds refunded 2007 Series A revenue bonds and issued $9.3 million in new money for the renovation of East Snarr Hall at MSU Moorhead. The true interest cost for the Series A bonds was 2.45%.
  • The $3.19 million, 2017 Series B bonds involved the refunding of 2007 Series C bonds and $1 million of new taxable bonds. The True Interest cost of the Series B bonds was 2.59%.

Bond Issuances

Minnesota State Revenue Fund Bond Issuances.

Current outstanding revenue fund bonds issued by the system, including Official Statements and continuing disclosure information.

All colleges and universities are eligible to participate in the revenue fund. Project types include: 

  • residence halls
  • dining facilities
  • student union buildings
  • parking facilities
  • Health/Wellness Centers 
  • and any other similar revenue-producing buildings of such type and character as the board finds necessary for the good and benefit of the state universities or colleges.


Planning for the 2019 revenue bond sale projects has begun. Campuses that wish to use revenue bonds for fund an eligible revenue bonded capital project should start planning now. Here's how:

Webinars - Planning for a 2019 Revenue Fund Project.


Revenue Fund Project Harpoon Site. Campuses should submit project documentation to the SharePoint site when ready. StarID and password are necessary to access this site.

Predesign Guidelines. Current predesign guidelines are found here. The predesign guidelines are supplemented by operating instructions specific to the revenue fund, found here:

 Special Note for revenue fund bond projects: state program management fees are not charged on revenue funded projects.

Annual Fees and Financials

The revenue fund is treated as a standalone enterprise with fees that are dedicated to supporting the debt and operations of revenue fund facilities. As part of the annual tuition and fees process, revenue fund member colleges and universities are required to submit fees for Board review and consideration. The templates for submitting revenue fund fees are found below: 

Forms for 2020 Budget Submittal (Revenue Fund) 

FY2020 Revenue Fund Budget Instructions


Estimated Revenues and Expenses 

The project templates should be used when preparing for a revenue fund project: 

Parking Facility
Residence Hall
Student Union
Wellness Center

Project Budget

Project Budget Worksheet.

This project budget worksheet is a standardized form for all capital projects and should be used to supplement the financial templates. 

Debt Service

Debt Service Estimator.
Use this template to calculate the estimated debt service your revenue fund financed project will cost. This is for estimating purposes only and will not reflect the precise amount of debt service, which is dependent on total project cost, bond interest rates, timing of bond sale and whether the campus defers interest for 1 or 2 years. This template includes the additional 11% required to reflect the bond closing costs, which include the last years debt service payment, underwriting, legal, rating agency fees and program management costs.

Setting up a Revenue Fund Project Presented January 25, 2011. Covers accounting set up for revenue fund financed projects, draw requests for construction, debt service, fund assessments.  

Revenue Fund Procedure. The system procedure established June 2011 describes the requirements of revenue fund projects and accounting requirements.


Gregory Ewig, System Director, Capital Development, 651.201.1775
Kay Buhl, Revenue Fund Financial Manager, 651.201.1772
Jeff Stierlen, Revenue Fund Accounting Officer, 651.201.1740