The proposed bill authorizes natural gas utilities in Minnesota to issue extraordinary event bonds to recover costs from unforeseen events that significantly impact service delivery. It establishes a framework defining key terms such as "extraordinary event," "extraordinary event costs," and "extraordinary event charge." The bill outlines criteria for what constitutes an extraordinary event, including natural disasters and significant price increases, and specifies the financial instruments that can be used for these bonds. Utilities must submit a detailed application to the commission, demonstrating the reasonableness of costs and proposed customer charges, and ensuring that the bonds meet certain credit ratings.

Additionally, the bill mandates that extraordinary event charges be included on customer bills and requires utilities to file annual reports on the impact of these charges. It allows the commission to hire external experts for cost reviews and provides for the recovery of costs incurred if a utility's financing application is denied. The bill clarifies that extraordinary event property is a present property right, protected from claims by the utility's creditors, and ensures that successors to a utility must fulfill obligations under financing orders. It also states that extraordinary event bonds do not constitute state debt and restricts the state from altering related charges until all obligations are met, asserting that its provisions will take precedence over conflicting laws.