Minnesota SF853 establishes a debt limit for state borrowing to ensure debt payments do not exceed 3% of nondedicated general fund revenue.

Minnesota SF853 amends the state's debt capacity forecast to include a debt limit for state borrowing. The limit ensures that debt payments do not exceed three percent of the estimated nondedicated general fund revenue for the same time periods. The commissioner must determine the maximum amount of new debt that can be issued without exceeding this limit. The debt limit applies to various forms of state debt, including general obligation bonds, appropriation bonds, and certificates of participation.

Minnesota SF853 establishes a debt limit for state borrowing to ensure debt payments do not exceed 3% of nondedicated general fund revenue.

Minnesota SF853 amends the state's debt capacity forecast to include a debt limit for state borrowing. The limit ensures that debt payments do not exceed three percent of the estimated nondedicated general fund revenue for the same time periods. The commissioner must determine the maximum amount of new debt that can be issued without exceeding this limit. The debt limit applies to various forms of state debt, including general obligation bonds, appropriation bonds, and certificates of participation.