| 1 | 1 | | 1.1 A bill for an act |
|---|
| 2 | 2 | | 1.2 relating to capital investment; requiring a bonding bill forecast to be prepared and |
|---|
| 3 | 3 | | 1.3 delivered to the governor and legislature; amending Minnesota Statutes 2024, |
|---|
| 4 | 4 | | 1.4 section 16A.105. |
|---|
| 5 | 5 | | 1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: |
|---|
| 6 | 6 | | 1.6 Section 1. Minnesota Statutes 2024, section 16A.105, is amended to read: |
|---|
| 7 | 7 | | 1.7 16A.105 DEBT CAPACITY AND BONDING BILL FORECAST. |
|---|
| 8 | 8 | | 1.8 Subdivision 1.Debt capacity forecast.In February and November of each year the |
|---|
| 9 | 9 | | 1.9commissioner shall prepare a debt capacity forecast to be delivered to the governor and |
|---|
| 10 | 10 | | 1.10legislature according to section 16A.103, subdivision 1. The debt capacity forecast must |
|---|
| 11 | 11 | | 1.11include statements of the indebtedness of the state for bonds, notes, and other forms of |
|---|
| 12 | 12 | | 1.12long-term general obligation indebtedness. The forecast must show the actual amount of |
|---|
| 13 | 13 | | 1.13the debt service for at least the past two completed fiscal years, and the estimated amount |
|---|
| 14 | 14 | | 1.14for the current fiscal year and the next six fiscal years, the debt authorized and unissued, |
|---|
| 15 | 15 | | 1.15and the borrowing capacity for the next six fiscal years. |
|---|
| 16 | 16 | | 1.16 Subd. 2.Bonding bill forecast.The commissioner must prepare a state general obligation |
|---|
| 17 | 17 | | 1.17bonding bill forecast to be delivered to the governor and legislature according to section |
|---|
| 18 | 18 | | 1.1816A.103, subdivision 1, that specifies the maximum amount of state general obligation |
|---|
| 19 | 19 | | 1.19bonds that could be issued and sold on or before the following November 1 to maintain a |
|---|
| 20 | 20 | | 1.20debt service amount paid by the general fund that does not exceed 2.5 percent of total |
|---|
| 21 | 21 | | 1.21nondedicated general fund revenues. |
|---|
| 22 | 22 | | 1.22 EFFECTIVE DATE.This section is effective the day following final enactment. |
|---|
| 23 | 23 | | 1Section 1. |
|---|
| 24 | 24 | | REVISOR JSK/EN 25-0540004/03/25 |
|---|
| 25 | 25 | | State of Minnesota |
|---|
| 26 | 26 | | This Document can be made available |
|---|
| 27 | 27 | | in alternative formats upon request |
|---|
| 28 | 28 | | HOUSE OF REPRESENTATIVES |
|---|
| 29 | 29 | | H. F. No. 3177 |
|---|
| 30 | 30 | | NINETY-FOURTH SESSION |
|---|
| 31 | 31 | | Authored by Lee, F.,04/10/2025 |
|---|
| 32 | 32 | | The bill was read for the first time and referred to the Committee on Capital Investment |
|---|