The proposed bill authorizes Minnesota natural gas utilities to issue extraordinary event bonds to recover costs from unforeseen events that significantly affect service delivery. It defines key terms such as "extraordinary event," "extraordinary event costs," and "extraordinary event charge," and outlines the criteria for what constitutes an extraordinary event, including natural disasters and significant price increases. Utilities must apply for a financing order from the commission, detailing the extraordinary event, incurred costs, and recovery mechanisms, including a nonbypassable extraordinary event charge that customers will pay.

The bill establishes a framework for the issuance and management of extraordinary event bonds, ensuring that utilities can maintain service reliability while managing financial impacts. It mandates that extraordinary event charges be included on customer bills and requires annual reports to the commission on their impact. The bill also protects the interests of transferees and assigns in extraordinary event property from setoff or counterclaims, ensuring continuity in revenue collection. Additionally, it clarifies the creation and enforcement of security interests in extraordinary event property, maintaining their priority over other liens and confirming that extraordinary event bonds do not constitute state debt.