| 1 | 1 | | 1.1 A bill for an act |
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| 2 | 2 | | 1.2 relating to taxation; public financing; modifying local government debt financing; |
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| 3 | 3 | | 1.3 amending Minnesota Statutes 2024, sections 373.40, subdivision 2; 446A.086, |
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| 4 | 4 | | 1.4 subdivisions 1, 2; 462C.04, subdivision 2; 469.104; 469.154, subdivision 4; |
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| 5 | 5 | | 1.5 474A.091, subdivisions 2, 2a; 475.521, subdivision 2; 641.23. |
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| 6 | 6 | | 1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
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| 7 | 7 | | 1.7 Section 1. Minnesota Statutes 2024, section 373.40, subdivision 2, is amended to read: |
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| 8 | 8 | | 1.8 Subd. 2.Application of election requirement.(a) Bonds issued by a county to finance |
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| 9 | 9 | | 1.9capital improvements under an approved capital improvement plan are not subject to the |
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| 10 | 10 | | 1.10election requirements of section 375.18 or 475.58. The bonds must be approved by vote of |
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| 11 | 11 | | 1.11at least three-fifths of the members of the county board. In the case of a metropolitan county, |
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| 12 | 12 | | 1.12the bonds must be approved by vote of at least two-thirds of the members of the county |
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| 13 | 13 | | 1.13board. |
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| 14 | 14 | | 1.14 (b) Before issuance of bonds qualifying under this section, the county must publish a |
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| 15 | 15 | | 1.15notice of its intention to issue the bonds and the date and time of a hearing to obtain public |
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| 16 | 16 | | 1.16comment on the matter. The notice must be published in the official newspaper of the county |
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| 17 | 17 | | 1.17or in a newspaper of general circulation in the county. The notice must be published at least |
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| 18 | 18 | | 1.1814 ten, but not more than 28, days before the date of the hearing. |
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| 19 | 19 | | 1.19 (c) A county may issue the bonds only upon obtaining the approval of a majority of the |
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| 20 | 20 | | 1.20voters voting on the question of issuing the obligations, if a petition requesting a vote on |
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| 21 | 21 | | 1.21the issuance is signed by voters equal to five percent of the votes cast in the county in the |
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| 22 | 22 | | 1.22last county general election and is filed with the county auditor within 30 days after the |
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| 23 | 23 | | 1.23public hearing. If the county elects not to submit the question to the voters, the county shall |
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| 24 | 24 | | 1Section 1. |
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| 25 | 25 | | REVISOR MS/DG 25-0480203/13/25 |
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| 26 | 26 | | State of Minnesota |
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| 27 | 27 | | This Document can be made available |
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| 28 | 28 | | in alternative formats upon request |
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| 29 | 29 | | HOUSE OF REPRESENTATIVES |
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| 30 | 30 | | H. F. No. 2730 |
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| 31 | 31 | | NINETY-FOURTH SESSION |
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| 32 | 32 | | Authored by Gomez and Davids03/24/2025 |
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| 33 | 33 | | The bill was read for the first time and referred to the Committee on Taxes 2.1not propose the issuance of bonds under this section for the same purpose and in the same |
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| 34 | 34 | | 2.2amount for a period of 365 days from the date of receipt of the petition. If the question of |
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| 35 | 35 | | 2.3issuing the bonds is submitted and not approved by the voters, the provisions of section |
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| 36 | 36 | | 2.4475.58, subdivision 1a, shall apply. |
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| 37 | 37 | | 2.5 Sec. 2. Minnesota Statutes 2024, section 446A.086, subdivision 1, is amended to read: |
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| 38 | 38 | | 2.6 Subdivision 1.Definitions.(a) As used in this section, the following terms have the |
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| 39 | 39 | | 2.7meanings given. |
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| 40 | 40 | | 2.8 (b) "Authority" means the Minnesota Public Facilities Authority. |
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| 41 | 41 | | 2.9 (c) "Commissioner" means the commissioner of management and budget. |
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| 42 | 42 | | 2.10 (d) "Debt obligation" means: |
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| 43 | 43 | | 2.11 (1) a general obligation bond or note issued by a county, a bond or note to which the |
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| 44 | 44 | | 2.12general obligation of a county is pledged under section 469.034, subdivision 2, or a bond |
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| 45 | 45 | | 2.13or note payable from a county lease obligation under section 641.24, to provide funds for |
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| 46 | 46 | | 2.14the construction of: |
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| 47 | 47 | | 2.15 (i) jails; |
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| 48 | 48 | | 2.16 (ii) correctional facilities; |
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| 49 | 49 | | 2.17 (iii) law enforcement facilities; |
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| 50 | 50 | | 2.18 (iv) a courthouse or justice center, if connected to a jail, correctional facility, or other |
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| 51 | 51 | | 2.19law enforcement facility; |
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| 52 | 52 | | 2.20 (iv) (v) social services and human services facilities; |
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| 53 | 53 | | 2.21 (v) (vi) solid waste facilities; or |
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| 54 | 54 | | 2.22 (vi) (vii) qualified housing development projects as defined in section 469.034, |
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| 55 | 55 | | 2.23subdivision 2; or |
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| 56 | 56 | | 2.24 (2) a general obligation bond or note issued by a governmental unit to provide funds for |
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| 57 | 57 | | 2.25the construction, improvement, or rehabilitation of: |
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| 58 | 58 | | 2.26 (i) wastewater facilities; |
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| 59 | 59 | | 2.27 (ii) drinking water facilities; |
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| 60 | 60 | | 2.28 (iii) stormwater facilities; or |
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| 61 | 61 | | 2.29 (iv) any publicly owned building or infrastructure improvement that has received partial |
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| 62 | 62 | | 2.30funding from grants awarded by the commissioner of employment and economic development |
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| 63 | 63 | | 2Sec. 2. |
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| 64 | 64 | | REVISOR MS/DG 25-0480203/13/25 3.1related to redevelopment, contaminated site cleanup, bioscience, small cities development |
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| 65 | 65 | | 3.2programs, and rural business infrastructure programs, for which bonds are issued by the |
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| 66 | 66 | | 3.3authority under section 446A.087. |
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| 67 | 67 | | 3.4 (e) "Governmental unit" means a county or a statutory or home rule charter city. |
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| 68 | 68 | | 3.5 Sec. 3. Minnesota Statutes 2024, section 446A.086, subdivision 2, is amended to read: |
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| 69 | 69 | | 3.6 Subd. 2.Application.(a) This section provides a state guarantee of the payment of |
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| 70 | 70 | | 3.7principal and interest on debt obligations if: |
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| 71 | 71 | | 3.8 (1) the obligations are issued for new projects or the refunding at a net present value |
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| 72 | 72 | | 3.9savings of debt service costs of obligations that are currently guaranteed pursuant to this |
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| 73 | 73 | | 3.10section and are not issued for the purposes of refunding previous obligations other than as |
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| 74 | 74 | | 3.11described in this sentence; |
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| 75 | 75 | | 3.12 (2) application to the Public Facilities Authority is made before issuance; and |
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| 76 | 76 | | 3.13 (3) the obligations are covered by an agreement meeting the requirements of subdivision |
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| 77 | 77 | | 3.143. |
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| 78 | 78 | | 3.15 (b) Applications to be covered by the provisions of this section must be made in a form |
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| 79 | 79 | | 3.16and contain the information prescribed by the authority. Applications are subject to either |
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| 80 | 80 | | 3.17a fee of $500 for each bond issue requested by a county or governmental unit or the applicable |
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| 81 | 81 | | 3.18fees under section 446A.087. |
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| 82 | 82 | | 3.19 (c) Application fees paid under this section must be deposited in a separate credit |
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| 83 | 83 | | 3.20enhancement bond guarantee account in the special revenue fund. Money in the credit |
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| 84 | 84 | | 3.21enhancement bond guarantee account is appropriated to the authority for purposes of |
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| 85 | 85 | | 3.22administering this section. |
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| 86 | 86 | | 3.23 (d) Neither the authority nor the commissioner is required to promulgate administrative |
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| 87 | 87 | | 3.24rules under this section and the procedures and requirements established by the authority |
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| 88 | 88 | | 3.25or commissioner under this section are not subject to chapter 14. |
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| 89 | 89 | | 3.26 Sec. 4. Minnesota Statutes 2024, section 462C.04, subdivision 2, is amended to read: |
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| 90 | 90 | | 3.27 Subd. 2.Program review.A public hearing shall be held on each program after one |
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| 91 | 91 | | 3.28publication of notice in a newspaper circulating generally in the city, at least 15 ten days |
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| 92 | 92 | | 3.29before the hearing. On or before the day on which notice of the public hearing is published, |
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| 93 | 93 | | 3.30the city shall submit the program to the Metropolitan Council, if the city is located in the |
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| 94 | 94 | | 3.31metropolitan area as defined in section 473.121, subdivision 2, or to the regional development |
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| 95 | 95 | | 3Sec. 4. |
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| 96 | 96 | | REVISOR MS/DG 25-0480203/13/25 4.1commission for the area in which the city is located, if any, for review and comment. The |
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| 97 | 97 | | 4.2appropriate reviewing agency shall comment on: |
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| 98 | 98 | | 4.3 (a) whether the program furthers local and regional housing policies and is consistent |
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| 99 | 99 | | 4.4with the Metropolitan Development Guide, if the city is located in the metropolitan area, |
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| 100 | 100 | | 4.5or adopted policies of the regional development commission; and |
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| 101 | 101 | | 4.6 (b) the compatibility of the program with the housing portion of the comprehensive plan |
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| 102 | 102 | | 4.7of the city, if any. |
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| 103 | 103 | | 4.8 Review of the program may be conducted either by the board of the reviewing agency |
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| 104 | 104 | | 4.9or by the staff of the agency. Any comment submitted by the reviewing agency to the city |
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| 105 | 105 | | 4.10must be presented to the body considering the proposed program at the public hearing held |
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| 106 | 106 | | 4.11on the program. |
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| 107 | 107 | | 4.12 A member or employee of the reviewing agency shall be permitted to present the |
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| 108 | 108 | | 4.13comments of the reviewing agency at the public hearing. After conducting the public hearing, |
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| 109 | 109 | | 4.14the program may be adopted with or without amendment, provided that any amendments |
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| 110 | 110 | | 4.15must not be inconsistent with the comments, if any, of the reviewing agency and must not |
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| 111 | 111 | | 4.16contain any material changes from the program submitted to the reviewing agency other |
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| 112 | 112 | | 4.17than changes in the financial aspects of any proposed issue of bonds or obligations. If any |
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| 113 | 113 | | 4.18material change other than a change in the financial aspects of a proposed issue of bonds |
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| 114 | 114 | | 4.19or obligations, or any change which is inconsistent with the comments of the reviewing |
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| 115 | 115 | | 4.20agency is adopted, the amended program shall be resubmitted to the appropriate reviewing |
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| 116 | 116 | | 4.21agency for review and comment, and a public hearing shall be held on the amended program |
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| 117 | 117 | | 4.22after one publication of notice in a newspaper circulating generally in the city at least 15 |
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| 118 | 118 | | 4.23ten days before the hearing. The amended program shall be considered after the public |
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| 119 | 119 | | 4.24hearing in the same manner as consideration of the initial program. |
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| 120 | 120 | | 4.25 Sec. 5. Minnesota Statutes 2024, section 469.104, is amended to read: |
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| 121 | 121 | | 4.26 469.104 SECTIONS THAT APPLY IF FEDERAL LIMIT APPLIES. |
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| 122 | 122 | | 4.27 Sections 474A.01 to 474A.21 apply to obligations issued under sections 469.090 to |
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| 123 | 123 | | 4.28469.108 that are limited required by federal tax law as defined in section 474A.02, |
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| 124 | 124 | | 4.29subdivision 8, to obtain an allocation of volume cap. |
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| 125 | 125 | | 4.30 Sec. 6. Minnesota Statutes 2024, section 469.154, subdivision 4, is amended to read: |
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| 126 | 126 | | 4.31 Subd. 4.Hearing.Prior to submitting an application to the department requesting |
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| 127 | 127 | | 4.32approval of a project pursuant to subdivision 3, the governing body or a committee of the |
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| 128 | 128 | | 4Sec. 6. |
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| 129 | 129 | | REVISOR MS/DG 25-0480203/13/25 5.1governing body of the municipality or redevelopment agency shall conduct a public hearing |
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| 130 | 130 | | 5.2on the proposal to undertake and finance the project. Notice of the time and place of hearing, |
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| 131 | 131 | | 5.3and stating the general nature of the project and an estimate of the principal amount of bonds |
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| 132 | 132 | | 5.4or other obligations to be issued to finance the project, shall be published at least once not |
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| 133 | 133 | | 5.5less than 14 ten days nor more than 30 days prior to the date fixed for the hearing, in the |
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| 134 | 134 | | 5.6official newspaper and a newspaper of general circulation of the municipality or |
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| 135 | 135 | | 5.7redevelopment agency. The notice shall state that a draft copy of the proposed application |
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| 136 | 136 | | 5.8to the department, together with all attachments and exhibits, shall be available for public |
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| 137 | 137 | | 5.9inspection following the publication of the notice and shall specify the place and times |
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| 138 | 138 | | 5.10where and when it will be so available. The governing body of the municipality or the |
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| 139 | 139 | | 5.11redevelopment agency shall give all parties who appear at the hearing an opportunity to |
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| 140 | 140 | | 5.12express their views with respect to the proposal to undertake and finance the project. |
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| 141 | 141 | | 5.13Following the completion of the public hearing, the governing body of the municipality or |
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| 142 | 142 | | 5.14redevelopment agency shall adopt a resolution determining whether or not to proceed with |
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| 143 | 143 | | 5.15the project and its financing; it may thereafter apply to the department for approval of the |
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| 144 | 144 | | 5.16project. |
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| 145 | 145 | | 5.17 Sec. 7. Minnesota Statutes 2024, section 474A.091, subdivision 2, is amended to read: |
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| 146 | 146 | | 5.18 Subd. 2.Application for residential rental projects.(a) Issuers may apply for an |
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| 147 | 147 | | 5.19allocation for residential rental bonds under this section by submitting to the department an |
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| 148 | 148 | | 5.20application on forms provided by the department accompanied by: |
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| 149 | 149 | | 5.21 (1) a preliminary resolution; |
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| 150 | 150 | | 5.22 (2) a statement of bond counsel that the proposed issue of obligations requires an |
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| 151 | 151 | | 5.23allocation under this chapter and the Internal Revenue Code; |
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| 152 | 152 | | 5.24 (3) an application deposit in the amount of two percent of the requested allocation; |
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| 153 | 153 | | 5.25 (4) a sworn statement from the applicant identifying the project as a preservation project, |
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| 154 | 154 | | 5.2630 percent AMI residential rental project, 50 percent AMI residential rental project, 100 |
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| 155 | 155 | | 5.27percent LIHTC project, 20 percent LIHTC project, or any other residential rental project; |
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| 156 | 156 | | 5.28and |
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| 157 | 157 | | 5.29 (5) a certification from the applicant or its accountant stating that the requested allocation |
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| 158 | 158 | | 5.30does not exceed the aggregate bond limitation. |
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| 159 | 159 | | 5.31The issuer must pay the application deposit to the Department of Management and Budget. |
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| 160 | 160 | | 5.32An entitlement issuer may not apply for an allocation for residential rental project bonds |
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| 161 | 161 | | 5.33under this section unless it has either permanently issued bonds equal to the amount of its |
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| 162 | 162 | | 5Sec. 7. |
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| 163 | 163 | | REVISOR MS/DG 25-0480203/13/25 6.1entitlement allocation for the current year plus any amount carried forward from previous |
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| 164 | 164 | | 6.2years or returned for reallocation all of its unused entitlement allocation. For purposes of |
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| 165 | 165 | | 6.3this subdivision, its entitlement allocation includes an amount obtained under section |
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| 166 | 166 | | 6.4474A.04, subdivision 6. |
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| 167 | 167 | | 6.5 (b) An issuer that receives an allocation under this subdivision must permanently issue |
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| 168 | 168 | | 6.6obligations equal to all or a portion of the allocation received on or before the earlier of: |
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| 169 | 169 | | 6.7(1) 180 days of the allocation; or (2) the last business day of December. If an issuer that |
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| 170 | 170 | | 6.8receives an allocation under this subdivision does not permanently issue obligations equal |
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| 171 | 171 | | 6.9to all or a portion of the allocation received within the time period provided in this paragraph |
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| 172 | 172 | | 6.10or returns the allocation to the commissioner, the amount of the allocation is canceled and |
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| 173 | 173 | | 6.11returned for reallocation through the unified pool. |
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| 174 | 174 | | 6.12 (c) The Minnesota Housing Finance Agency may apply for and receive an allocation |
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| 175 | 175 | | 6.13under this section without submitting an application deposit. |
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| 176 | 176 | | 6.14 Sec. 8. Minnesota Statutes 2024, section 474A.091, subdivision 2a, is amended to read: |
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| 177 | 177 | | 6.15 Subd. 2a.Application for all other types of qualified bonds.(a) Issuers may apply |
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| 178 | 178 | | 6.16for an allocation for all types of qualified bonds other than residential rental bonds under |
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| 179 | 179 | | 6.17this section by submitting to the department an application on forms provided by the |
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| 180 | 180 | | 6.18department accompanied by: |
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| 181 | 181 | | 6.19 (1) a preliminary resolution; |
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| 182 | 182 | | 6.20 (2) a statement of bond counsel that the proposed issue of obligations requires an |
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| 183 | 183 | | 6.21allocation under this chapter and the Internal Revenue Code; |
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| 184 | 184 | | 6.22 (3) the type of qualified bonds to be issued; |
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| 185 | 185 | | 6.23 (4) an application deposit in the amount of two percent of the requested allocation; and |
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| 186 | 186 | | 6.24 (5) a public purpose scoring worksheet for manufacturing and enterprise zone |
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| 187 | 187 | | 6.25applications. |
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| 188 | 188 | | 6.26The issuer must pay the application deposit to the Department of Management and Budget. |
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| 189 | 189 | | 6.27An entitlement issuer may not apply for an allocation for public facility bonds or mortgage |
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| 190 | 190 | | 6.28bonds under this section unless it has either permanently issued bonds equal to the amount |
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| 191 | 191 | | 6.29of its entitlement allocation for the current year plus any amount carried forward from |
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| 192 | 192 | | 6.30previous years or returned for reallocation all of its unused entitlement allocation. For |
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| 193 | 193 | | 6.31purposes of this subdivision, an entitlement allocation includes an amount obtained under |
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| 194 | 194 | | 6.32section 474A.04, subdivision 6. |
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| 195 | 195 | | 6Sec. 8. |
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| 196 | 196 | | REVISOR MS/DG 25-0480203/13/25 7.1 (b) An issuer that receives an allocation under this subdivision must permanently issue |
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| 197 | 197 | | 7.2obligations equal to all or a portion of the allocation received on or before the earlier of: |
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| 198 | 198 | | 7.3(1) 120 days of the allocation; or (2) the last business day of December. If an issuer that |
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| 199 | 199 | | 7.4receives an allocation under this subdivision does not permanently issue obligations equal |
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| 200 | 200 | | 7.5to all or a portion of the allocation received within the time period provided in this paragraph |
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| 201 | 201 | | 7.6or returns the allocation to the commissioner, the amount of the allocation is canceled and |
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| 202 | 202 | | 7.7returned for reallocation through the unified pool. |
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| 203 | 203 | | 7.8 (c) Notwithstanding the restrictions imposed on entitlement issuers under this subdivision, |
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| 204 | 204 | | 7.9the Minnesota Housing Finance Agency may not receive an allocation for mortgage bonds |
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| 205 | 205 | | 7.10under this section prior to the first Monday in October, but may be awarded allocations for |
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| 206 | 206 | | 7.11mortgage bonds from the unified pool on or after the first Monday in October. The Minnesota |
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| 207 | 207 | | 7.12Housing Finance Agency, the Minnesota Office of Higher Education, and the Minnesota |
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| 208 | 208 | | 7.13Rural Finance Authority may apply for and receive an allocation under this section without |
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| 209 | 209 | | 7.14submitting an application deposit. |
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| 210 | 210 | | 7.15 Sec. 9. Minnesota Statutes 2024, section 475.521, subdivision 2, is amended to read: |
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| 211 | 211 | | 7.16 Subd. 2.Election requirement.(a) Bonds issued by a municipality to finance capital |
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| 212 | 212 | | 7.17improvements under an approved capital improvements plan are not subject to the election |
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| 213 | 213 | | 7.18requirements of section 475.58. The bonds must be approved by an affirmative vote of |
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| 214 | 214 | | 7.19three-fifths of the members of a five-member governing body. In the case of a governing |
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| 215 | 215 | | 7.20body having more or less than five members, the bonds must be approved by a vote of at |
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| 216 | 216 | | 7.21least two-thirds of the members of the governing body. |
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| 217 | 217 | | 7.22 (b) Before the issuance of bonds qualifying under this section, the municipality must |
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| 218 | 218 | | 7.23publish a notice of its intention to issue the bonds and the date and time of the hearing to |
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| 219 | 219 | | 7.24obtain public comment on the matter. The notice must be published in the official newspaper |
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| 220 | 220 | | 7.25of the municipality or in a newspaper of general circulation in the municipality. Additionally, |
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| 221 | 221 | | 7.26the notice may be posted on the official website, if any, of the municipality. The notice must |
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| 222 | 222 | | 7.27be published at least 14 ten but not more than 28 days before the date of the hearing. |
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| 223 | 223 | | 7.28 (c) A municipality may issue the bonds only after obtaining the approval of a majority |
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| 224 | 224 | | 7.29of the voters voting on the question of issuing the obligations, if a petition requesting a vote |
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| 225 | 225 | | 7.30on the issuance is signed by voters equal to five percent of the votes cast in the municipality |
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| 226 | 226 | | 7.31in the last municipal general election and is filed with the clerk within 30 days after the |
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| 227 | 227 | | 7.32public hearing. If the municipality elects not to submit the question to the voters, the |
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| 228 | 228 | | 7.33municipality shall not propose the issuance of bonds under this section for the same purpose |
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| 229 | 229 | | 7.34and in the same amount for a period of 365 days from the date of receipt of the petition. If |
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| 230 | 230 | | 7Sec. 9. |
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| 231 | 231 | | REVISOR MS/DG 25-0480203/13/25 8.1the question of issuing the bonds is submitted and not approved by the voters, the provisions |
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| 232 | 232 | | 8.2of section 475.58, subdivision 1a, shall apply. |
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| 233 | 233 | | 8.3 Sec. 10. Minnesota Statutes 2024, section 641.23, is amended to read: |
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| 234 | 234 | | 8.4 641.23 FUNDS; HOW PROVIDED. |
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| 235 | 235 | | 8.5 Before any contract is made for the erection of a county jail, sheriff's residence, or both |
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| 236 | 236 | | 8.6sheriff's offices, law enforcement center, or courthouse or justice center attached to a county |
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| 237 | 237 | | 8.7jail, the county board shall either levy a sufficient tax to provide the necessary funds, or |
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| 238 | 238 | | 8.8issue county bonds therefor in accordance with the provisions of chapter 475, provided that |
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| 239 | 239 | | 8.9no election is required if the amount of all bonds issued for this purpose and interest on |
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| 240 | 240 | | 8.10them which are due and payable in any year does not exceed an amount equal to 0.09671 |
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| 241 | 241 | | 8.11percent of estimated market value of taxable property within the county, as last determined |
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| 242 | 242 | | 8.12before the bonds are issued. |
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| 243 | 243 | | 8Sec. 10. |
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| 244 | 244 | | REVISOR MS/DG 25-0480203/13/25 |
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