HF2730 (Legislative Session 94 (2025-2026))
Local government debt financing modified.
Related bill: SF2880
AI Generated Summary
Purpose of the Bill
The bill aims to modify local government debt financing procedures in Minnesota, which pertains to the issuance of government bonds and the required processes for their approval.
Main Provisions
- Election Requirements: Changes how bonds used for capital improvements are approved. Bonds no longer need to follow certain election requirements and must now be approved by a vote within the respective county or municipal board.
- Public Notification and Hearing: Counties and municipalities are required to publish a notice of intention to issue bonds, including details about a public hearing to gather comments. This notification period is adjusted to publish at least 10 days, but no more than 28 days before the hearing.
- Voter Petitions and Approval: If there is a petition from voters equal to 5% of the votes cast in the last election, a referendum is needed to approve the bonds. If the proposal fails, it cannot be resubmitted for a year.
- Definitions Update: Provides definitions and clarifications regarding types of bonds and their purposes, covering areas such as construction of jails and solid waste facilities.
Significant Changes to Existing Law
- Amends various sections of the Minnesota Statutes by adjusting requirements for public hearings, election requirements for bonds, and changing notification periods.
- Revises the fund provision laws to outline when a county board can levy taxes or issue bonds for specific infrastructure without an election, based on market value limits.
Relevant Terms
- Bond issuance, election requirements, public hearing, debt financing, capital improvements, public facilities authority, application fee, housing development, volume cap, municipal bonds, referendum, ordinance, local government 시enament.
Bill text versions
- Introduction PDF file
Past committee meetings
- Taxes on: April 03, 2025 10:15
Actions
| Date | Chamber | Where | Type | Name | Committee Name |
|---|---|---|---|---|---|
| March 23, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
| March 23, 2025 | House | Floor | Action | Introduction and first reading, referred to | Taxes |
Citations
[
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill modifies local government debt financing under section 373.40, subdivision 2.",
"modified": [
"Amends notice publication requirements for bond issuance hearings."
]
},
"citation": "373.40",
"subdivision": "subdivision 2"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "This bill references election requirements which are being exempted for certain bonds.",
"modified": [
"Allows bypassing of election requirements for certain county-issued bonds."
]
},
"citation": "375.18",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Referenced regarding election requirements for issuing municipal bonds.",
"modified": [
"Exemption from election requirements for specific capital improvement bonds."
]
},
"citation": "475.58",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Definitions related to debt obligations for construction in counties use this section.",
"modified": []
},
"citation": "469.034",
"subdivision": "subdivision 2"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Debt obligation discussions include bonds used for county facilities tied to this section.",
"modified": []
},
"citation": "641.24",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Discusses obligations under certain conditions invoking federal law compliance.",
"modified": []
},
"citation": "469.090",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Deals with obligations requiring federal tax law volume cap allocation.",
"modified": []
},
"citation": "469.108",
"subdivision": ""
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Defines federal tax law which mandates volume cap allocation for obligations.",
"modified": []
},
"citation": "474A.02",
"subdivision": "subdivision 8"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Specifies a city located in the metropolitan area for program review.",
"modified": [
"Alters the timeline for submission and review comments for housing programs."
]
},
"citation": "473.121",
"subdivision": "subdivision 2"
},
{
"analysis": {
"added": [],
"removed": [],
"summary": "Applies if voter approval is not obtained for bond issuance.",
"modified": []
},
"citation": "475.58",
"subdivision": "subdivision 1a"
}
]