S.F. No. 66 Summary

• Creates new Minnesota Statutes section 16A.9681 establishing a framework for issuing "appropriation bonds" that are state bonds payable from general fund appropriations rather than tax revenue or full faith and credit.

• Appropriation bonds authorized under this framework are not considered public debt and do not pledge the state's taxing powers; bonds are canceled if the legislature fails to appropriate sufficient debt service funds in any fiscal year.

• Commissioner of Management and Budget may issue appropriation bonds with terms up to 25 years, at fixed or variable interest rates, and may enter into ancillary agreements for credit enhancement, liquidity facilities, and other bond-related arrangements.

• Appropriates $7,700,000 from appropriation bond proceeds to the Pollution Control Agency for designing, excavating, consolidating waste, and implementing long-term remedies for the City of Duluth Dump #1 superfund site.

• Authorizes the Commissioner of Management and Budget to issue appropriation bonds up to $7,700,000 plus costs of issuance, debt service, capitalized interest, and credit enhancement to fund the Duluth dump cleanup project.