The 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. It establishes a new section in Minnesota Statutes, chapter 16A, detailing the definitions, authorization, and procedures for issuing these bonds. The total amount authorized for issuance is capped at $394,610,000, which will be used for various improvements such as renovations, safety upgrades, and enhancements to visitor spaces. The proceeds from the bonds will be credited to a special fund dedicated to these projects, and the bill outlines the conditions under which the bonds can be sold, including their negotiability and the terms of interest.

Additionally, the bill clarifies that the appropriation bonds do not constitute public debt of the state, meaning the state's full faith and credit are not pledged for their repayment. It specifies that the bonds will be payable only from amounts appropriated by the legislature for debt service, without obligating the state to make such appropriations in any fiscal year. The bill also includes provisions for the appropriation of bond proceeds for grants to the city of St. Paul for the specified improvements and for covering debt service costs. Furthermore, it includes a waiver of immunity for the state concerning the bonds and related contracts.