SF2577 - Omnibus Capital Investment Bonding Bill

• Authorizes $561.159 million in state general obligation bonds for capital improvements across state agencies and institutions, including $526.959 million from the bond proceeds fund and $34.2 million from the state transportation fund.

• Allocates funding to higher education ($166.088 million for University of Minnesota and Minnesota State Colleges and Universities), natural resources ($56 million for parks, trails, and flood mitigation), and various state facilities including veterans homes, correctional facilities, and the State Capitol restoration ($25 million).

• Establishes new programs and authorities including the Lake Superior-Poplar River Water District for water infrastructure in Cook County and creates housing infrastructure bond authorization ($30 million) for affordable housing, supportive housing, and renovation of foreclosed properties.

• Provides grants for local economic development projects including the Rochester Convention Center expansion ($32 million), St. Cloud Civic Center ($10 million), and various transit capital improvements including light rail and bus rapid transit corridors.

• Requires reporting on jobs created or retained from capital projects and implements debt service limits, capping general fund debt service transfers at $452.996 million during the 2012-2013 biennium.