MN SF3825

Increases the borrowing cap for statutory cities, home rule charter cities, counties, and towns from $450,000 to $750,000 for loans from rural electric cooperatives or USDA agencies.

Allows borrowing for constructing, repairing, or acquiring city halls, town halls, fire halls, fire or rescue equipment, libraries, or child care facilities if otherwise authorized by law.

Permits loans to be secured through rural electric cooperative funds granted by the USDA Rural Business-Cooperative Service or directly from the Rural Housing Service or other USDA agencies.

Exempts loan obligations from being included in net debt calculations and eliminates the requirement for voter approval to issue the note.

Local units may pledge full faith and credit, assign or pledge facility revenues, and use other available funds to secure the loan.