This bill mandates the transfer of certain state-owned land within the Cloquet Forestry Center in Carlton County, Minnesota, to the University of Minnesota. The Commissioner of Administration must convey the land at no cost to the university's Board of Regents. The transfer must be in a legally approved format, with the Attorney General ensuring accuracy in the land description. The bill also includes provisions for appropriating funds to address any outstanding debt related to state bond-financed property.