Bill > SF3441

This bill amends Minnesota Statutes to require the state commissioner of management and budget to prepare two specific forecasts related to state debt and bonding. Currently, the law mandates an existing debt capacity forecast in February and November that details the state's indebtedness, including bond and note information, showing actual and estimated debt service amounts for past and future fiscal years. The bill adds a new requirement for a bonding bill forecast that must be delivered to the governor and legislature, which will specify the maximum amount of state general obligation bonds that could be issued by November 1 while ensuring that debt service paid from the general fund does not exceed 2.5 percent of total nondedicated general fund revenues. This new provision aims to provide more transparent and predictive information about the state's potential bonding capacity, helping policymakers make more informed decisions about future debt issuance. The bill will take effect the day after its final enactment.

Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF3441&ssn=0&y=2025