HF 3584

as introduced - 93rd Legislature (2023 - 2024) Posted on 02/22/2024 04:27pm

A bill for an act
relating to capital investment; requiring the reporting of debt capacity by political
subdivisions in capital budget submissions; amending Minnesota Statutes 2022,
section 16A.86, subdivision 3a.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2022, section 16A.86, subdivision 3a, is amended to read:

Subd. 3a.

Information provided.

All requests for state assistance under this section
must include the following information:

(1) the name of the political subdivision that will own the capital project for which state
assistance is being requested;

(2) the public purpose of the project;

(3) the extent to which the political subdivision has or expects to provide local, private,
user financing, or other nonstate funding for the project;

(4) a list of the bondable activities that the project encompasses; examples of bondable
activities are public improvements of a capital nature for land acquisition, predesign, design,
construction, and furnishing and equipping for occupancy;

(5) whether the project will require new or additional state operating subsidies;

(6) whether the governing body of the political subdivision requesting the project has
passed a resolution in support of the project and has established priorities for all projects
within its jurisdiction for which bonding appropriations are requested when submitting
multiple requests;

(7) if the project requires a predesign under section 16B.335, whether the predesign has
been completed at the time the capital project request is submitted, and whether the political
subdivision has submitted the project predesign to the commissioner of administration for
review and approval; deleted text begin and
deleted text end

new text begin (8) the debt capacity of the political subdivision, calculated as the difference between
the maximum net debt that the political subdivision may incur under chapter 475 or other
applicable law and the debt the political subdivision has incurred by the date of the
submission of information under this subdivision; and
new text end

deleted text begin (8) deleted text end new text begin (9) new text end if applicable, the information required under section 473.4485, subdivision 1a.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end