SF 35 Summary

• Authorizes the state commissioner to issue appropriation bonds for disaster relief related to civil unrest in Minnesota from May 28-June 1, 2020, with bond terms not exceeding 25 years.

• Defines eligible areas as Lake Street and West Broadway in Minneapolis (plus two-block radius), University Avenue in St. Paul (plus two-block radius), and additional areas designated by the governor.

• Appropriates bond proceeds to the Commissioner of Employment and Economic Development for grants and loans to Minneapolis and St. Paul for assistance to eligible organizations directly affected by the disaster.

• Requires forgivable loans to include minimum three-year rebuild and remain requirement in eligible area, followed by a seven-year forgiveness schedule.

• Bonds are not backed by state full faith and credit; debt service is payable only from legislative appropriations beginning in fiscal year 2021 through 2054, with no requirement that the state appropriate sufficient funds.