This bill mandates the transfer of state-owned land within the Cloquet Forestry Center in Carlton County, Minnesota, to the Board of Regents of the University of Minnesota at no cost. The Commissioner of Administration is responsible for executing the transfer, subject to approval by the Attorney General, who may revise land descriptions for accuracy. The bill also appropriates funds for the defeasance (settlement of outstanding debt) on certain state bond-financed properties. The specific land parcels to be conveyed are detailed by their legal descriptions.