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S.F. No. 2159 - Housing Finance Agency (HFA) Housing Infrastructure Bond Issue and Appropriation
 
Author: Senator David H. Senjem
 
Prepared By: Stephanie James, Senate Counsel (651/296-0103)
 
Date: April 24, 2017



 

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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