The bill proposes to restructure and rename the Minnesota Higher Education Facilities Authority to the Minnesota Health and Education Facilities Authority, expanding its role to include the construction and financing of health care facilities alongside education facilities. Key amendments include increasing the bonding limit from $2 billion to $5 billion, with specific caps for funding each sector, and broadening the authority's membership to include representatives from health care organizations. The bill also introduces new definitions related to health care organizations and facilities, ensuring the authority can effectively support necessary infrastructure improvements. Additionally, it repeals certain outdated provisions and removes the phrase "of higher education" from references to participating institutions, thereby expanding eligibility.

Further amendments enhance the authority's operational framework, allowing it to determine affiliate status for entities and requiring health care organizations to certify that bond proceeds will not benefit private parties while financing remains outstanding. The bill mandates local government consent for bond issuance for health care facilities, clarifies the authority's ability to sell or lease unneeded property without competitive bidding, and allows for varying rates for education and health care projects. It also includes new language that designates bonds as authorized securities for investment and clarifies conflict of interest provisions for trustees or employees of participating institutions. Lastly, the authority is required to submit an annual report of its activities to the Minnesota Historical Society and the Legislative Reference Library, enhancing transparency in its governance.

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