This legislative bill in Minnesota deals with how the state manages its debt related to publicly funded projects or investments. The bill amends the existing laws to specify that the state's commissioner is required to prepare a debt capacity forecast twice a year. This forecast will show how much debt the state currently has and estimates future debt for the next six fiscal years. This includes keeping track of how much money the state still has to pay back and its ability to take on new debt.

Additionally, the bill sets a debt limit. This means the commissioner has to ensure that the total amount the state owes (from bonds, loans, and other forms of debt) does not exceed a certain portion of the state’s expected income — no more than 3% of general fund revenues that are not already dedicated to other uses. There's also a smaller cap of 0.6% for specific types of debt, like appropriation bonds and lease-purchase financing.

The purpose of these limits is to keep the state’s debt at a manageable level. If future forecasts show that issuing more debt would exceed these limits, the issuance of new debt must be delayed until it's financially feasible according to these criteria. However, previously authorized debt or appropriations won't be affected unless future reports forecast exceeding limits. This mechanism is intended to ensure fiscal responsibility and prevent excessive state indebtedness.