Minnesota HF699 establishes a debt limit for state borrowing to ensure debt service payments do not exceed a certain percentage of general fund.

Minnesota HF699 amends state law to establish a debt limit for state borrowing. The commissioner must prepare a debt capacity forecast twice a year, showing the state's debt service for the past two years and estimates for the next six years. The forecast must include the maximum amount of new debt that can be issued without exceeding three percent of the estimated nondedicated general fund revenue. The debt limit applies to various forms of state debt, including general obligation bonds and appropriation bonds.

Minnesota HF699 establishes a debt limit for state borrowing to ensure debt service payments do not exceed a certain percentage of general fund.

Minnesota HF699 amends state law to establish a debt limit for state borrowing. The commissioner must prepare a debt capacity forecast twice a year, showing the state's debt service for the past two years and estimates for the next six years. The forecast must include the maximum amount of new debt that can be issued without exceeding three percent of the estimated nondedicated general fund revenue. The debt limit applies to various forms of state debt, including general obligation bonds and appropriation bonds.