This bill modifies the allocation process and volume cap for public facility bonds and other economic development-related bonds in Minnesota. Key changes include:

1. Adjustments to Annual Volume Cap Allocations:

   • Increases or reallocates bonding authority for various pools, including small issue, housing, and public facilities.
   • Ensures adjustments align proportionally with the overall bonding cap.

2. Changes to Application Procedures:

   • Updates requirements for issuers applying for bond allocations.
   • Extends the timeframe for issuing obligations after allocation from 120 to 180 days.

3. Modification of Allocation Priorities:

   • Adjusts priority order for bond allocations before and after October 1.
   • Public facility project bonds receive higher priority in allocations before and after October 1.
   • Reallocations within the unified pool are updated, including reserved funds for small issue and public facility bonds.

4. Other Procedural Changes:

   • Updates rules for awarding allocations when bond demand exceeds supply.
   • Modifies the process for handling rejected applications and issuing certificates of allocation.

Overall, the bill enhances funding availability for public facility projects, refines bond allocation procedures, and restructures prioritization in Minnesota’s bond allocation system.