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HF 113

as introduced - 88th Legislature (2013 - 2014) Posted on 01/17/2013 01:28pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 01/17/2013

Current Version - as introduced

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A bill for an act
relating to education finance; facilitating the consolidation of the Cyrus and
Morris school districts; authorizing the sale of bonds.

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

Section 1. new text begin CYRUS AND MORRIS SCHOOL DISTRICT CONSOLIDATION.
new text end

new text begin Subdivision 1. new text end

new text begin Purpose. new text end

new text begin The legislature finds that an orderly, voluntary
consolidation of Independent School Districts Nos. 611, Cyrus, and 769, Morris, promotes
the well-being of the students and increases educational efficiency in those school districts.
new text end

new text begin Subd. 2. new text end

new text begin Remediation costs. new text end

new text begin Independent School District No. 611, Cyrus, may
identify all health and safety remediation costs related to the demolition of the Cyrus
school building and submit those amounts to the commissioner of education for approval.
Any approved costs may be included either in the district's health and safety plan or in the
bonding authority authorized under subdivision 3.
new text end

new text begin Subd. 3. new text end

new text begin Facility bonds. new text end

new text begin Independent School District No. 611, Cyrus, may issue
general obligation bonds without an election under Minnesota Statutes, chapter 475,
in an amount approved by the commissioner of education for the costs associated with
demolishing the Cyrus school building. The bonds must be repaid within ten years of
issuance.
new text end

new text begin Subd. 4. new text end

new text begin Reorganization operating debt determined. new text end

new text begin Independent School District
No. 611, Cyrus, must estimate its reorganization operating debt according to Minnesota
Statutes, section 123B.82, and submit that amount to the commissioner of education
for approval.
new text end

new text begin Subd. 5. new text end

new text begin Reorganization operating debt bonds. new text end

new text begin Independent School District No.
611, Cyrus, may issue general obligation bonds without an election under Minnesota
Statutes, chapter 475, in an amount not to exceed the reorganization operating debt
approved by the commissioner of education under subdivision 2. The bonds must be
repaid within six years of issuance.
new text end

new text begin Subd. 6. new text end

new text begin Repayment. new text end

new text begin The bonded debt issued under this section remains payable
by the taxable property located within the boundaries of former Independent School
District No. 611, Cyrus.
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