ST. PAUL — The chancellor of the Minnesota State Colleges and Universities system has agreed to a new three-year contract.

MnSCU said Monday that the Board of Trustees has entered into a second three-year contract with Chancellor Steven Rosenstone.

Rosenstone’s current contract is set to expire July 31. He agreed to serve through July 31, 2017.

Board Chairman Clarence Hightower said the board unanimously authorized Rosenstone to negotiate the new contract.

Under the new contract, Rosenstone’s base salary will rise to $387,250 in the 2014-15 school year.

Rosenstone has been MnSCU chancellor since 2011. The system includes 24 two-year community and technical colleges and seven state universities serving more than 430,000 students.