This bill proposes the issuance of state appropriation bonds to fund capital improvements for event venues in Minnesota, specifically targeting the RiverCentre arena, RiverCentre complex, and Roy Wilkins Auditorium in St. Paul. The bill establishes a new section in Minnesota Statutes, chapter 16A, detailing the definitions, authorization, and procedures for issuing these bonds. It allows the commissioner to sell and issue bonds up to a maximum of $394,610,000 for the purpose of financing design, construction, renovation, and equipping of event venue capital improvements. The proceeds from these bonds will be credited to a special fund and used for various improvements, including safety upgrades, renovations, and enhancements to visitor spaces.

Additionally, the bill clarifies that the appropriation bonds are not considered public debt of the state, meaning the state's full faith and credit are not pledged to their payment. It specifies that the bonds will be payable only from amounts appropriated by the legislature for debt service, and they will be canceled if sufficient appropriations are not made. The bill also includes provisions for the appropriation of bond proceeds for grants to the city of St. Paul and for covering debt service costs. Furthermore, it establishes a waiver of immunity for the state concerning these bonds and related contracts.