Relating to electric utility property taxes; requiring local government units to establish electric utility generation attached machinery personal property tax replacement trust funds, authorizing agreements or contracts with other local government units for shares of a Minnesota joint powers investment trust to achieve a certain sum in the funds; authorizing the commissioner of finance to issue state bonds to pay local units the amount necessary to establish the trust funds and providing for commissioner conveyance to local units amounts to replace the reduction in the electric utility generation attached machinery personal property tax classification rate, requiring local units placement of appropriations in the trust; providing for management and investment of the trust funds; providing for retirement and replacement of electric utility generation facilities in relation to the trust funds and for disposition of the trust principal upon facility retirement, specifying certain limits on termination of the trusts; requiring adjustment of the net tax capacity formula for school districts with tax exempt electric generation personal property and machinery for general education levy amount determination purposes, requiring exclusion of the current value of electric generation system machinery, maintaining the general education tax rate; requiring public utilities commission adjustment of utility rates to reflect the reduced utility property tax obligations resulting from certain tax reductions, requiring utilities to file a tariff for a surcharge to collect funds for repayment of state revenue bonds issued on behalf of the utility, providing for approval by the PUC; exempting certain personal property used to generate electricity from certain new generating plants from the property tax and providing a partial exemption for existing plants or plants currently under construction, specifying certain siting agreement requirements; reducing the property tax classification rate on other electric generation system personal property; providing a state guarantee on certain local bonds; providing for the computation of city net tax capacity relating to the property tax classification rate reduction for electric generation system personal property (ra)