On November 14, 1998, a bust monument to Nikolai Rubtsov was unveiled at the Cherepovets State University. The monument was created as part of a community construction project. Sculptor Alexander Shebunov made the author's version of the monument free of charge, and its bronze copy was cast at the foundry of Severstal, also at no cost. Payment was made only to the craftsmen who created the granite pedestal weighing three and a half tons, delivered from Kondopoga. Alexander Shebunov is also the author of another monument to Rubtsov, installed in Vologda on June 26, 1998.

The project for the landscaping of the area around the monument was developed by architect V.P. Boiko. The pedestal has an inscription in memory of the creators of the monument: "The bust was gifted by the author A.M. Shebunov, cast free of charge at OAO 'Severstal', installed with the assistance of the city administration, AO 'ZBIK', MP Road Management, with the participation of the public organization 'Old City' and the residents of Cherepovets. Architects A.N. Yevseev, V.P. Boiko."

The pedestal also features an inscription representing the poet's autograph, copied from a book of poems he gifted to his friend L. Belyaev.

In 2020, the bust of Nikolai Rubtsov was moved from the square on Universitetskaya Street to the Yagorba embankment due to the reconstruction of the Vereshchagin Quarter. Alexander Shebunov considers the new location successful. He also informed journalists that a bottle with a note was placed at the base of the bust during its installation. Shebunov does not remember the content of the message, but it can be read.