MN SF96

Authorizes the state commissioner to issue up to $25,000,000 in appropriation bonds to fund loans or grants for homeless shelter facilities.

Bonds may be issued in multiple series with terms not exceeding 21 years and may bear fixed or variable interest rates.

Bond proceeds are credited to a special appropriation shelter facility bond proceeds fund, with investment income appropriated for principal and interest payments.

Appropriation bonds are not backed by state's full faith and credit; legislature must appropriate funds annually for debt service, and bonds are canceled if appropriations are not made.

$3,000,000 allocated to 180 Degrees for improvements to Hope House in Chanhassen, Rochester Youth Shelter, and St. Cloud Youth Shelter; $1,000,000 allocated to Bridge for Youth for Minneapolis youth shelter expansion.