This bill amends various sections of the Minnesota Statutes related to local government debt financing and public financing. Key changes include modifications to the election requirements for issuing bonds by counties and municipalities. Specifically, the bill reduces the notice period for public hearings from 14 days to 10 days before the hearing, as indicated in multiple sections (e.g., sections 373.40, 462C.04, and 475.521). Additionally, it allows counties to issue bonds for capital improvements without a public vote if approved by a supermajority of the county board, while still requiring a public hearing and notice.

The bill also expands the definition of "debt obligation" to include bonds for courthouses or justice centers connected to jails or correctional facilities, and it introduces provisions for state guarantees on debt obligations for new projects or refinancing existing obligations at a net present value savings. Furthermore, it clarifies the application process for obtaining allocations for residential rental projects and other types of qualified bonds, including the requirement for issuers to permanently issue obligations equal to the allocation received within a specified timeframe. Overall, the bill aims to streamline the process for local governments to finance public projects while ensuring public input through hearings.

Statutes affected:
Introduction: 373.40, 446A.086, 462C.04, 469.104, 469.154, 474A.091, 475.521, 641.23