The proposed bill authorizes Minnesota natural gas utilities to issue extraordinary event bonds to recover costs from unforeseen events that significantly disrupt service delivery. It establishes a framework for defining key terms such as "extraordinary event," "extraordinary event costs," and "extraordinary event charge." Utilities can apply for a financing order from the commission, which requires detailed information about affected facilities, estimated costs, and charge allocation methodologies. The bill also introduces a new section in Minnesota Statutes, chapter 216B, to create an account for managing bond proceeds and ensures that extraordinary event charges are nonbypassable, meaning all customers must pay them.

Additionally, the bill outlines the process for the commission to issue financing orders after public hearings, contingent on the reasonableness of costs and benefits to customers. It defines "extraordinary event property" and establishes protections for transferees and assignees related to these properties, ensuring obligations under financing orders are met by any utility successors. The bill clarifies that extraordinary event bonds do not constitute state debt and includes provisions to protect the value of extraordinary event property from impairment. It also asserts that its provisions will take precedence over conflicting laws regarding security interests in extraordinary event property.