The proposed bill aims to prohibit municipalities in Minnesota from entering into nondisclosure agreements or contracts that would restrict them from disclosing information about certain projects funded by public money. It defines "municipality" broadly to include various political subdivisions such as counties, cities, school districts, and authorities. The bill specifies that municipalities cannot enter into agreements that prevent them from sharing information regarding land development, economic projects, or any initiatives financed with public funds, except where required by state or federal law.

Additionally, the bill establishes that any agreement violating this prohibition is void and unenforceable. It includes provisions for severing any unenforceable terms from contracts while ensuring that the remaining provisions remain intact. Furthermore, municipalities are mandated to publicly disclose any contracts that violate this new restriction. The effective date for this legislation is set for the day following its final enactment.