The 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 seen in sections 373.40, 462C.04, and 475.521. Additionally, it allows counties to issue bonds for capital improvements without a public election if approved by a supermajority of the county board, while also establishing a process for public comment prior to bond issuance.

Furthermore, the bill 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. The bill also clarifies application processes for various types of bonds, including residential rental projects and other qualified bonds, while ensuring that application fees are directed to a dedicated fund for administering these provisions. Overall, the bill aims to streamline the process for local governments to finance essential infrastructure projects while maintaining some level of public oversight.

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