HF 3177

as introduced - 94th Legislature (2025 - 2026) Posted on 04/10/2025 02:29pm

A bill for an act
relating to capital investment; requiring a bonding bill forecast to be prepared and
delivered to the governor and legislature; amending Minnesota Statutes 2024,
section 16A.105.

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

Section 1.

Minnesota Statutes 2024, section 16A.105, is amended to read:

16A.105 DEBT CAPACITY new text begin AND BONDING BILL new text end FORECAST.

new text begin Subdivision 1. new text end

new text begin Debt capacity forecast. new text end

In February and November of each year the
commissioner shall prepare a debt capacity forecast to be delivered to the governor and
legislature according to section 16A.103, subdivision 1. The debt capacity forecast must
include statements of the indebtedness of the state for bonds, notes, and other forms of
long-term general obligation indebtedness. The forecast must show the actual amount of
the debt service for at least the past two completed fiscal years, and the estimated amount
for the current fiscal year and the next six fiscal years, the debt authorized and unissued,
and the borrowing capacity for the next six fiscal years.

new text begin Subd. 2. new text end

new text begin Bonding bill forecast. new text end

new text begin The commissioner must prepare a state general obligation
bonding bill forecast to be delivered to the governor and legislature according to section
16A.103, subdivision 1, that specifies the maximum amount of state general obligation
bonds that could be issued and sold on or before the following November 1 to maintain a
debt service amount paid by the general fund that does not exceed 2.5 percent of total
nondedicated general fund revenues.
new text end

new text begin EFFECTIVE DATE. new text end

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