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Section 1 [Additional authorization] authorizes the Minnesota Housing Finance Authority (MHFA) to issue $50 million in housing infrastructure bonds.
Section 2 [Additional appropriation] appropriates from the general fund the amount necessary for debt service on the bonds authorized in section 1, up to $4 million each year.
More specifically, MHFA must certify annually to the commissioner of management and budget the actual amount of debt service on this series of bonds. The commissioner of management and budget must transfer the certified amount, capped at $4 million, to the housing infrastructure bond account from which the debt service is paid. The amount necessary to make the transfer is appropriated from the general fund to the commissioner of management and budget.
This authorization mirrors earlier MHFA bond sale authorizations for which the state pays the debt service:
|
Authorization |
Amount Authorized |
Issued |
Amount Issued |
Statutory Cap on State's Annual Debt Service |
|
Minn. Stat. sec. 462A.36, subd. 2 (enacted 2008) |
$30 million |
Sept 2009 |
$13,270,000 |
$2.4 million |
|
Minn. Stat. sec. 462A.36, subd. 2 (enacted 2010) |
$6 million |
Feb 2011 |
21,750,000 |
$2.4 million |
|
Minn. Stat. sec. 462A.37, subd. 2 (enacted 2012) |
$30 million |
Aug 2013 |
15,460,000 |
$2.2 million |
|
Feb 2014 |
14,540,000 |
|
Minn. Stat. sec. 462A.37, subd. 2a (enacted 2014) |
$80 million |
Feb 2015 |
37,570,000 |
$6.4 million |
|
Sept 2015 |
31,095,000 |
|
Minn. Stat. sec. 462A.37, subd. 2b (enacted 2015) |
$10 million |
Aug 2016 |
18,625,000 |
$800,000 |
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