MN HF5331

Authorizes the state commissioner to issue up to $25,500,000 in appropriation bonds to fund a secured perimeter system at the Minneapolis Vikings stadium, including physical barriers, surveillance, and monitoring equipment.

Bonds may be issued in one or more series with terms not exceeding 21 years and may bear fixed or variable interest rates, with proceeds going to the Minnesota Sports Facilities Authority via the commissioner of administration.

Bond payments are payable only from annual legislative appropriations for debt service; bonds are not backed by the state's full faith and credit and automatically cancel if the legislature fails to appropriate sufficient funds in any fiscal year.

Annual debt service appropriations are authorized from the general fund for fiscal years 2025 through 2046 to pay principal, interest, and related costs on the bonds.

Commissioner may enter into agreements and ancillary arrangements related to bond management, including trust indentures, refinancing agreements, insurance policies, and interest exchange agreements.