as introduced - 87th Legislature (2011 - 2012) Posted on 02/20/2012 01:14pm
A bill for an act
relating to education finance; authorizing early repayment of maximum effort
debt service loans.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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(a) A school district that received a maximum effort debt service loan prior to
January 1, 1997, may repay the full outstanding original principal on its debt service loan
prior to July 1, 2013, and the liability of the district on the debt service loan is satisfied and
discharged and interest on the loan ceases.
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(b) A school district making a payment under this section may transfer any
remaining excess balance from its debt redemption fund to the building construction
fund prior to July 1, 2013.
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This section is effective the day following final enactment.
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