Bill > HF2255

This bill authorizes the state of Minnesota to issue up to $30 million in appropriation bonds to fund a secured perimeter around the Minnesota Vikings stadium in Minneapolis. The bill defines key terms such as "secured perimeter" (which includes physical improvements like anti-climb fencing, gates, bollards, crash barriers, and security equipment) and "appropriation bonds" (which are state-issued financial instruments payable from specific funding sources during a biennium). The bonds will be used to provide funding to the Minnesota Sports Facilities Authority for enhancing stadium security, with proceeds going toward physical security improvements. The bonds have several unique characteristics: they are not considered public debt, do not pledge the state's full faith and credit, and can be canceled if the legislature does not appropriate sufficient funds in a given fiscal year. The bonds can be issued over a maximum of 21 years, beginning in fiscal year 2025 and extending through fiscal year 2046, and will be payable from general fund appropriations. The bill also provides detailed provisions about how the bonds can be sold, refinanced, and invested, and specifies that various state entities and financial institutions are legally permitted to invest in these bonds.

Government Affairs

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF2255&ssn=0&y=2025