MN SF853

Establishes a state debt limit capping total debt payments at 3% of estimated nondedicated general fund revenue, with the commissioner determining maximum new debt issuance in each forecast

Creates a secondary cap of 0.6% of general fund revenue for non-general obligation debt instruments, including appropriation bonds, certificates of participation, and lease-purchase financing

Defines covered debt as obligations payable from nondedicated general fund revenues, including state general obligation bonds, appropriation bonds, agency appropriation bonds, certificates of participation, and lease-purchase agreements

Requires the commissioner to delay issuance of newly authorized debt if forecasts indicate limits would be exceeded, but does not affect debt authorized before the triggering forecast

Effective July 1, 2025, with debt limit information required in debt capacity forecasts prepared after that date