The bill proposes the issuance of appropriation bonds to fund road and utility infrastructure improvements at the Sears site in St. Paul, Minnesota. It authorizes the commissioner to sell and issue these bonds, with a total amount not exceeding $95 million, to cover costs related to predesign, design, demolition, environmental remediation, construction, and equipping of the necessary infrastructure. The proceeds from the bonds will be credited to a dedicated fund, and the bill outlines various definitions, procedures, and conditions under which these bonds will be issued, including the ability to enter into agreements related to the bonds and the legal investment status of the bonds for certain entities.

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 payment. It specifies that the bonds will be payable only from amounts appropriated by the legislature for debt service, and it does not require the state to make such appropriations in any fiscal year. The proceeds from the bonds are appropriated for grants to the city of St. Paul or Rondo Community Land Trust for infrastructure development, as well as for covering debt service and related costs. The bill also includes a waiver of immunity for the state concerning the appropriation bonds and associated contracts.