This bill addresses state finances by establishing a process for refunding state stadium bonds and reallocating funds from the general reserve account. It amends Minnesota Statutes 2022, specifically section 297E.021, subdivisions 3 and 4, to define "available revenues" and outline how these funds will be appropriated. The bill specifies that once revenues are determined to be available, they will be allocated to support youth and collegiate sports programs. The Amateur Sports Commission will receive 65% of the funds for youth sports grants, while 10% and 20% will be directed to the University of Minnesota and Minnesota State Colleges and Universities, respectively, for capital improvements to sports facilities.

Additionally, the bill includes provisions for debt payoff and a conditional repealer. If the commissioner of management and budget opts to use funds from the general reserve account to prepay debt in fiscal year 2023, and if those funds are insufficient, an appropriation from the general fund will be made to cover the shortfall. Furthermore, once the bonds under section 16A.965 are fully paid, the commissioner must notify the revisor of statutes, leading to the repeal of certain statutes related to the bonds. The effective dates for these provisions are set to take effect following the necessary notifications.

Statutes affected:
Introduction: 297E.021