This bill amends Minnesota Statutes to require referendums for certain capital improvement projects financed by economic development authorities. Specifically, it introduces new provisions in sections 465.71 and 469.103, mandating that home rule charter cities and statutory cities must adhere to election requirements under section 475.521, subdivision 2, when entering lease-purchase agreements for capital improvements financed by revenue bonds. The bill clarifies that these agreements must involve real or personal property qualifying as capital improvements and outlines the conditions under which these agreements can be made.

Additionally, the bill specifies that economic development authorities must also follow the same election requirements when issuing revenue bonds for projects that will be leased to home rule charter cities or statutory cities. This ensures that local governments engage their constituents in the decision-making process regarding significant financial commitments related to capital improvements. The amendments aim to enhance transparency and accountability in local government financing practices.

Statutes affected:
Introduction: 465.71, 469.103