This bill amends Minnesota Statutes to modify the annual volume cap allocations and allocation procedures for public facility projects funded by public facility bonds. Notably, the bill reduces the allocation amount from $74,530,000 to $25,500,000 and increases another allocation from $12,750,000 to $61,780,000. Additionally, it introduces a new provision that reserves $50,000,000 of bonding authority for public facilities bonds within the unified pool from the first Monday in July through the last Monday in November. The bill also changes the deadline for issuers to permanently issue obligations from 120 days to 180 days after receiving an allocation.

Furthermore, the bill revises the allocation procedure by prioritizing applications for public facility projects funded by public facility bonds, which were previously not included in the priority list. It also updates the numbering of subsequent clauses in the allocation process. The changes aim to streamline the allocation process and ensure that public facility projects receive adequate funding while adhering to federal tax law requirements.

Statutes affected:
Introduction: 474A.03, 474A.091