State debt limit established.

HF 699 establishes a legal limit on Minnesota's state debt by capping annual debt payments. It requires the state commissioner to calculate two specific limits: total debt payments must not exceed 3% of estimated general fund revenue, and payments for certain debt types (like appropriation bonds) must not exceed 0.6% of that revenue. These limits, calculated annually in February and November forecasts starting July 2025, directly affect how much new debt the state can issue without exceeding the thresholds. The bill does not change existing debt authorization but provides a framework for managing future borrowing.