The bill proposes a significant restructuring of the Minnesota Higher Education Facilities Authority, renaming it the Minnesota Health and Education Facilities Authority. This new authority will expand its responsibilities to include the construction and financing of health care facilities, in addition to education facilities. The bonding capacity will increase from $2 billion to $5 billion, with allocations of $2.25 billion for education and $2.75 billion for health care. Key amendments include the expansion of the authority's membership to include representatives from health care organizations and the introduction of new definitions for "health care facility" and "education facility." The bill emphasizes the need for health care organizations to improve their facilities, thereby enhancing public health and welfare.

Additionally, the bill amends various sections of Minnesota Statutes to reflect these changes, including the removal of the phrase "of higher education" from references to participating institutions, broadening the scope of eligible entities. It introduces provisions for the authority to determine affiliate status for entities and requires health care organizations to certify that bond proceeds will not benefit private parties while financing remains outstanding. The authority must also obtain consent from local governments before issuing revenue bonds for health care facilities, with exceptions for smaller municipalities. Other amendments focus on the authority's management powers, the establishment of rules for project use, and the ability to charge administrative costs. The bill aims to modernize the governance and reporting structure of the authority while ensuring compliance with investment regulations and conflict of interest provisions.

Statutes affected:
Introduction: 136A.25, 136A.26, 136A.27, 136A.28, 136A.29, 136A.32, 136A.33, 136A.34, 136A.36, 136A.38, 136A.41, 136A.42, 3.732, 10A.01, 136F.67, 354B.20