Minneapolis Public Housing Authority bonds issued for the Glendale Townhomes development project.

This bill authorizes the Minneapolis Public Housing Authority to issue up to $7 million in bonds to fund the redevelopment of the Glendale Townhomes project. The legislation amends state statutes to allow these bond proceeds to be granted directly to the authority or its affiliated entities for this specific development. Additionally, the bill establishes a funding mechanism where the state transfers money from the general fund to a bond account to cover annual debt payments on these bonds over several decades. This financial support is contingent on the bonds remaining outstanding and is designed to ensure the project can be financed through public infrastructure funding.