Minnesota

Decision instrument

State general-obligation bonds for capital improvements need three-fifths of each house. They do not need a statewide vote. The bonds mature in no more than 20 years.

What public act authorizes the borrowing, and where is the purpose and the first-year cost written down? Constitution, Article XI, Sections 4, 5, and 7. Public debt pledges the full faith, credit, and taxing power, and only for the purposes in Section 5. It means an obligation payable from a statewide tax. An obligation payable only from revenues other than taxes is not public debt under that section. The capital-improvement purpose needs the three-fifths vote. Each law has to name the purposes and the maximum amount for each purpose. Refunding is a separate purpose in Section 5. The three-fifths sentence is written on the capital-improvement purpose, not on refunding.

Debt statement

No Annual Debt Statement of the New Jersey kind.

What yearly filing states gross debt, deductions, and how close the issuer is to its limit? State debt is in the annual report for the year ended June 30, 2025, Note 11. County dollar rows are not attached.

Debt limit

A municipality other than a school district or a city of the first class stops at 3% of estimated market value. A school district stops at 15%.

What cap binds a county or a city, and is the state's own ceiling a different rule? Statutes § 475.53. A city of the first class stops at 2%, unless its charter allows more, and then it stops at 3 and 2/3 percent. Statute § 475.58 requires the approval of a majority of the electors voting on the question, unless the bond is one of the cases that section lists. Refunding is one of those cases.

Conflict rule

A public official who would have to decide something that substantially affects the official’s own financial interest, or an associated business, has to put that in writing.

Which ethics statute covers local officers, what counts as an interest, and who is left out? Statutes § 10A.07. A financial interest means any ownership or control of an asset that could produce money. The effect does not count if it is no greater than the effect on other people in the same business, profession, or occupation. If there is a superior, the matter is assigned to someone else when that is possible. If there is no superior, the official does not chair the meeting, vote, or discuss it. A local officer who takes part in making a contract may not have a personal financial interest in that contract. That is § 471.87, and a violation is a gross misdemeanor, unless § 471.88 allows it.

Geography

Eighty-seven counties.

What is the county-equivalent, and which cities, schools, and authorities must not be pasted onto that row? Census county codes. County seats are not in the financial report, so they are not filled in. Cities, towns, and school districts also borrow. Dollar rows stay blank.

Primary money record

General obligation bond principal: $6.890 billion, as of June 30, 2025. The payable with premium is $7.850 billion.

Which audited report is the state's own number, and as of what date? Note 11, in thousands. Governmental principal is $6,748,671 and premium is $948,120, together $7,696,791. Business-type principal is $141,359 and premium is $12,109, together $153,468. The report adds those to primary-government principal of $6,890,030 and a payable of $7,850,259. Of that payable, the General Fund carries $5,228,536, special revenue funds carry $2,468,255, and business-type activities carry $153,468. The ratings printed for these bonds are Fitch AAA, S&P AAA, and Moody’s Aaa.

Who pays the coupon

In the year ending June 30, 2026, general-obligation bonds need $624.740 million of principal and $290.824 million of interest.

Which fund, tax, or rate is actually pledged — not which new store might show up later? Note 11. Governmental activities are principal of $607.113 million and interest of $284.241 million. Business-type activities are principal of $17.627 million and interest of $6.583 million. Statute § 16A.641 provides an annual appropriation to the debt-service fund, sized so that, with the balance on hand on December 1, it will pay general-obligation principal and interest through July 1 of the second following year. If that is not enough, the constitution requires a statewide property tax. No such tax has been levied since 1969. In the year that ended June 30, 2025, the General Fund transferred $637.842 million to the debt-service fund and the Trunk Highway Fund transferred $248.817 million. Those transfers are not the same figure as the next year’s schedule.

Other obligors

State appropriation bonds: $362.960 million of principal. Certificates of participation: $497.935 million of principal. Do not add either to the $6.890 billion.

Which authorities and districts borrow beside the state and must not be added to its total? Note 11, in thousands. Appropriation-bond premium is $15,692, so the payable is $378,652. The note says the state has no legal obligation to keep appropriating for that debt, and the debt is canceled if the appropriation stops. Certificate premium is $29,446, so the payable is $527,381. Governmental revenue-bond principal is $104,730, plus premium of $9,737. Business-type revenue-bond principal is $142,080, plus premium of $12,909. Revenue bonds are payable from pledged revenues, not from the general-obligation tax.

Book-entry wall

Cede & Co., at the Depository Trust Company.

Who is the registered owner on ordinary public paper? Series-level confirmation still waits on that official statement. Beneficial owners stay unnamed.