as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am
A bill for an act
relating to education finance; expanding the
definition of net debt limit for school districts;
amending Minnesota Statutes 2004, section 128D.11,
subdivision 9.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2004, section 128D.11,
subdivision 9, is amended to read:
The net debt of the school
district for the purposes of this limitation is the amount of
bonds less the amount of all money and the face value of all
securities then held as a sinking fund for the payment of such
bonds, and shall not include school aid and tax anticipation
certificates of indebtedness not in default new text begin or bonds issued to
pay pension fund liabilities under section 475.52, subdivision 6new text end .