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 bill also includes an effective date stating that this section will take effect the day following final enactment.

Additionally, the bill amends subdivision 5 of section 462A.37 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 the new subdivision 2k. The bill ensures that the necessary funds for these transfers are appropriated from the general fund.

Statutes affected:
Introduction: 462A.37