This annual report reviews fiscal year 1999 for institutions serviced by the Minnesota Higher Education Facilities Authority. The report notes a slight decline in new financing activity, although the $87.7 million financed during the 1999 fiscal year was the second highest annual total for the Authority. Following some introductory material, the report summarizes the mission of the Authority; reviews new financing for projects such as an equipment lease and construction of a campus center and other buildings at several colleges; and highlights other developments, including reduction of annual administrative fees, an annual debt financing conference, and an ongoing review of policies and procedures. The following section summarizes details of outstanding bond issues on a campus-by-campus basis for various public and private Minnesota colleges. A final section presents the fiscal year 1999 audit report, which includes a balance sheet and related statements of revenues, expenses, and changes in fund balances and cash flows. (SM)