This bill amends Minnesota Statutes to modify the annual volume cap allocations and allocation procedures for public facility projects funded by public facility bonds. Notably, the bill reduces the allocation amount for certain categories, changing the allocation from $74,530,000 to $25,500,000 and from $12,750,000 to $61,780,000. Additionally, it introduces a new provision that reserves $50,000,000 of bonding authority for public facilities bonds within the unified pool from the first Monday in July through the last Monday in November.

Furthermore, the bill updates the application process for issuers seeking allocations for qualified bonds, including a change in the deadline for permanent issuance of obligations from 120 days to 180 days. It also modifies the priority order for allocation awards, ensuring that applications for public facility projects funded by public facility bonds are considered alongside other types of bonds. The bill aims to streamline the allocation process and enhance funding for public facility projects while ensuring compliance with federal tax law.

Statutes affected:
Introduction: 474A.03, 474A.091