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 from $74,530,000 to $25,500,000 and increases another allocation 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, ensuring that these funds are available for public facility projects.

The bill also revises the application process for issuers seeking allocations for qualified bonds, extending the deadline for permanent issuance of obligations from 120 days to 180 days. It establishes a priority order for awarding allocations, placing applications for public facility projects funded by public facility bonds in a more favorable position. Furthermore, it clarifies the conditions under which entitlement issuers can apply for allocations and outlines the procedures for reallocating unused allocations. Overall, these changes aim to enhance the efficiency and effectiveness of funding for public facility projects in Minnesota.

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