HF 529

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; authorizing the sale of
a school facility; forgiving any remaining balance on
the maximum effort capital loan issued to former
Independent School District No. 566, Askov.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin MAXIMUM EFFORT CAPITAL LOAN FORGIVEN; EAST
CENTRAL.
new text end

new text begin Subdivision 1. new text end

new text begin Sale requirements. new text end

new text begin Independent School
District No. 2580, East Central, may sell its middle school
building in accordance with Minnesota Statutes, section
16A.695. The net proceeds from the sale of the property must be
paid to the commissioner of finance and deposited in the state
bond fund.
new text end

new text begin Subd. 2. new text end

new text begin Outstanding loan balance forgiven. new text end

new text begin Any
remaining outstanding balance on the maximum effort capital loan
issued in January 1982 to former Independent School District No.
566, Askov, after the application of the sale proceeds according
to subdivision 1, is forgiven.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end