Lease-purchase agreement and sale and issuance of certificates of participation authorized to fund improvements to or replacement of state's MAXIS system.

This bill authorizes the state of Minnesota to use a lease-purchase agreement and the sale of certificates of participation to fund improvements or replacement of its MAXIS system. Under this plan, the state would lease the project from a vendor or financing source and pay for it in installments over a period of up to ten years. The legislation establishes specific rules for how the state must manage the funds, including requirements for insurance, liability, and financial reporting within a dedicated project fund. It also allows the state to transfer money from its general fund to cover expected costs before the financing proceeds are received.