SF 203

as introduced - 94th Legislature (2025 - 2026) Posted on 01/29/2025 04:10pm

A bill for an act
relating to housing; authorizing the issuance of housing infrastructure bonds;
appropriating money; amending Minnesota Statutes 2024, section 462A.37,
subdivision 5, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2024, section 462A.37, is amended by adding a subdivision
to read:

new text begin Subd. 2k. new text end

new text begin Additional authorization. new text end

new text begin In addition to the amount authorized in subdivisions
2 to 2j and 3a, the agency may issue up to $400,000,000 in one or more series to which the
payments under this section may be pledged.
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

Sec. 2.

Minnesota Statutes 2024, section 462A.37, subdivision 5, is amended to read:

Subd. 5.

Additional appropriation.

(a) The agency must certify annually to the
commissioner of management and budget the actual amount of annual debt service on each
series of bonds issued under this section.

(b) Each July 15, beginning in 2015 and through 2037, if any housing infrastructure
bonds issued under subdivision 2a, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a), not to exceed $6,400,000 annually. The amounts
necessary to make the transfers are appropriated from the general fund to the commissioner
of management and budget.

(c) Each July 15, beginning in 2017 and through 2038, if any housing infrastructure
bonds issued under subdivision 2b, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a), not to exceed $800,000 annually. The amounts
necessary to make the transfers are appropriated from the general fund to the commissioner
of management and budget.

(d) Each July 15, beginning in 2019 and through 2040, if any housing infrastructure
bonds issued under subdivision 2c, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a), not to exceed $2,800,000 annually. The amounts
necessary to make the transfers are appropriated from the general fund to the commissioner
of management and budget.

(e) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure
bonds issued under subdivision 2d, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.

(f) Each July 15, beginning in 2020 and through 2041, if any housing infrastructure
bonds issued under subdivision 2e, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.

(g) Each July 15, beginning in 2022 and through 2043, if any housing infrastructure
bonds issued under subdivision 2f, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.

(h) Each July 15, beginning in 2022 and through 2043, if any housing infrastructure
bonds issued under subdivision 2g, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.

(i) Each July 15, beginning in 2023 and through 2044, if any housing infrastructure
bonds issued under subdivision 2h, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.

(j) Each July 15, beginning in 2026 and through 2047, if any housing infrastructure
bonds issued under subdivision 2j, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.

(k) new text begin Each July 15, beginning in 2027 and through 2048, if any housing infrastructure
bonds issued under subdivision 2k, or housing infrastructure bonds issued to refund those
bonds, remain outstanding, the commissioner of management and budget must transfer to
the housing infrastructure bond account established under section 462A.21, subdivision 33,
the amount certified under paragraph (a). The amounts necessary to make the transfers are
appropriated from the general fund to the commissioner of management and budget.
new text end

new text begin (l) new text end The agency may pledge to the payment of the housing infrastructure bonds the
payments to be made by the state under this section.

new text begin EFFECTIVE DATE. new text end

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