S.F. No. 5490 - Litchfield Wastewater Industrial Pretreatment Facility

• Authorizes the Minnesota state commissioner to issue and sell up to $16,500,000 in appropriation bonds to fund a wastewater industrial pretreatment facility in Litchfield with processing capacity of 1,750,000 gallons per day, including biosolids handling and renewable gas production.

• Bond proceeds are granted to the Public Facilities Authority for transfer to First District Association, a dairy cooperative in Litchfield, for capital expenses related to facility design, engineering, construction, equipping, and furnishing.

• Bonds may be issued in multiple series with terms not exceeding 21 years, at fixed or variable interest rates, and are fully negotiable instruments under state and federal securities law provisions.

• Appropriation bonds are not backed by the state's full faith and credit; state legislature may elect not to appropriate debt service funds, causing bonds to be canceled if appropriations are not made for any fiscal year.

• Annual debt service appropriations from the general fund are authorized beginning in fiscal year 2025 through fiscal year 2046 to pay principal and interest on the bonds.