HF 1423

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; allowing Independent School District No. 361,
International Falls, to purchase real or personal property with its building lease
levy authority.

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

Section 1. new text begin LEASE LEVY USE.
new text end

new text begin Notwithstanding Minnesota Statutes, section 126C.40, subdivision 6, Independent
School District No. 361, International Falls, may use its lease levy authority under
Minnesota Statutes, section 126C.40, subdivision 1, to purchase real or personal property
under an installment contract or may lease real or personal property with an option
to purchase under a lease purchase agreement, by which installment contract or lease
purchase agreement title is kept by the seller or vendor or assigned to a third party as
security for the purchase price, including any interest.
new text end