The bill amends Minnesota Statutes 2024, section 16A.105, to require the preparation of a bonding bill forecast in addition to the existing debt capacity forecast. The new legal language specifies that the commissioner must deliver a state general obligation bonding bill forecast to the governor and legislature, detailing the maximum amount of state general obligation bonds that could be issued and sold by November 1. This forecast aims to ensure that the debt service paid by the general fund does not exceed 2.5 percent of total nondedicated general fund revenues.

The bill also outlines the requirements for the debt capacity forecast, which must be prepared biannually in February and November. This forecast will include comprehensive statements regarding the state's indebtedness, actual debt service amounts for the past two fiscal years, and estimates for the current and next six fiscal years, along with information on authorized but unissued debt and borrowing capacity. The effective date of this section is set for the day following its final enactment.

Statutes affected:
Introduction: 16A.105