This bill authorizes the issuance of housing infrastructure bonds in Minnesota, allowing the agency to issue up to $400,000,000 in bonds beyond previously authorized amounts. The new subdivision 2k added to Minnesota Statutes 2024, section 462A.37, specifies that these bonds can be issued in one or more series, with payments pledged under this section. The effective date for this new provision is the day following final enactment.

Additionally, the bill amends subdivision 5 of the same statute to include provisions for the transfer of funds to the housing infrastructure bond account for the newly authorized bonds. Specifically, it establishes that beginning July 15, 2027, and continuing through 2048, the commissioner of management and budget must transfer certified amounts for any outstanding bonds issued under subdivision 2k, with the necessary funds appropriated from the general fund. The bill also includes an effective date for these amendments, which is the day following final enactment.

Statutes affected:
Introduction: 462A.37