HF500 Summary

• Adds capital costs of constructing and maintaining buildings and facilities for transportation or transit projects as an allowable use of dedicated tax proceeds under section 297A.993.

• Authorizes municipal power agencies to engage in tax-exempt prepayments and related transactions under section 148(b)(4) of the Internal Revenue Code.

• Exempts installment contracts and lease-purchase agreements for personal property, and lease-purchase agreements for real property under $1,000,000, from net debt calculations under section 475.53.

• Modifies municipal bond issuance provisions to allow original issue discount or premium obligations and clarifies average annual interest rate calculations for obligations under section 475.56.

• Expands definition of street reconstruction and bituminous overlays to include utility replacement, turn lanes, bicycle lanes, sidewalks, paths, and local share of state and county road projects.