HF5068

Purpose

To fund the local public housing program by providing capital financing through the sale of state bonds. The bill appropriates money and sets up bond financing to support qualified capital projects related to local public housing.

Main Provisions

• Appropriation: The bill appropriates 15,000,000 from the bond proceeds fund to the Minnesota Housing Finance Agency for the local public housing program, to be used for qualified capital projects under Minnesota Statutes section 462A.44.
• Bond financing: The commissioner of management and budget must sell and issue state bonds for up to 15,000,000 to finance the appropriation. The bond sale must follow Minnesota statutes sections 16A.631 to 16A.675 and the Minnesota Constitution, article XI, sections 4 to 7.

Key entities

• Minnesota Housing Finance Agency (recipient of the appropriation)
• Commissioner of Management and Budget (responsible for issuing the bonds)

What the bill seeks to accomplish

• Provide dedicated funding for local public housing capital projects.
• Establish a clear mechanism to finance that funding through the sale of state bonds.

Changes to existing law

• Creates a new appropriation of 15,000,000 for the local public housing program.
• Adds bonding authority (up to 15,000,000) to finance the appropriation, governed by existing bond statutes and constitutional constraints.

Fiscal and practical impact

• Financial impact: 15,000,000 in bond proceeds to be used for qualified capital projects under the local public housing program.
• Process impact: Requires the sale and issuance of state bonds in accordance with specified statutory and constitutional provisions.

Additional notes

• The text references specific statutes (16A.631 to 16A.675) and constitutional provisions (Article XI, sections 4 to 7) governing the bond process.
• The excerpt does not specify an effective date.

Relevant Terms

• local public housing program
• appropriation
• bond proceeds fund
• Minnesota Housing Finance Agency
• qualified capital projects
• bond sale / state bonds
• Commissioner of Management and Budget
• Minnesota Statutes section 462A.44
• Minnesota Statutes sections 16A.631-16A.675
• Minnesota Constitution Article XI, sections 4-7