Minn. Stat. 469.154 requires local governments to submit an application to DEED requesting approval of proposed bond issuance that involves a revenue agreement with a party to pay when due the principal of, premium, if any, and interest on all bonds issued by the local government (i.e., "conduit bonds"). Some projects are exempt from this approval process and are noted in Minn. Stat. 469.153.
The application for approval should be submitted at least 14 days before closing. Approval shall not be deemed to be an approval by the commissioner or the state of the feasibility of the project or the terms of the revenue agreement to be executed or the bonds to be issued therefor, and the commissioner shall state this in communicating approval.