This bill amends various sections of Minnesota Statutes related to taxation and public financing, specifically focusing on local government debt financing. Key changes include modifications to the review and comment process for school districts regarding capital projects. School districts are now prohibited from entering into bonds or soliciting bids for educational facility projects exceeding $500,000 (or $2,000,000 if no capital loan is outstanding) without prior review by the commissioner. Additionally, new construction, expansion, or remodeling projects funded solely with general education revenue or certain maintenance revenues are exempt from this requirement. The bill also clarifies that projects requiring significant expenditures must undergo the same review process as other school construction projects.

Further amendments include changes to the publication requirements for school boards regarding the commissioner's review and comment, extending the timeframe for publication from 60 to 88 days. The bill also introduces new definitions and clarifications regarding debt obligations, including the addition of court houses or justice centers connected to correctional facilities as eligible projects. Other provisions address the application process for residential rental projects and other types of qualified bonds, ensuring that issuers must permanently issue obligations equal to their allocation within specified timeframes. Overall, the bill aims to enhance oversight and streamline processes related to local government financing and capital projects.

Statutes affected:
Introduction: 123B.71, 446A.086, 469.104, 474A.091