MN SF3040

Authorizes Minneapolis and St. Paul to expand energy conservation loan programs to include commercial and industrial properties, in addition to residential properties.

Requires at least 75 percent of loan proceeds be used for property repairs, improvements, and equipment that conserve energy or convert structures to use non-nuclear, non-petroleum energy sources.

Allows loans without regard to borrower income level, with interest rates and terms up to 20 years established by the cities, secured by mortgage or other security interest.

Cities may issue revenue bonds to fund the programs, payable from program revenues and federal or private grant sources, but cannot levy property taxes to repay bonds.

Becomes effective the day after final enactment for each city without requiring local voter approval.