1.1                          A bill for an act
  1.2             relating to education finance; authorizing the sale of 
  1.3             a school facility; forgiving any remaining balance on 
  1.4             the maximum effort capital loan issued to former 
  1.5             Independent School District No. 566, Askov. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [MAXIMUM EFFORT CAPITAL LOAN FORGIVEN; EAST 
  1.8   CENTRAL.] 
  1.9      Subdivision 1.  [SALE REQUIREMENTS.] Independent School 
  1.10  District No. 2580, East Central, may sell its middle school 
  1.11  building in accordance with Minnesota Statutes, section 
  1.12  16A.695.  The net proceeds from the sale of the property must be 
  1.13  paid to the commissioner of finance and deposited in the state 
  1.14  bond fund. 
  1.15     Subd. 2.  [OUTSTANDING LOAN BALANCE FORGIVEN.] Any 
  1.16  remaining outstanding balance on the maximum effort capital loan 
  1.17  issued in January 1982 to former Independent School District No. 
  1.18  566, Askov, after the application of the sale proceeds according 
  1.19  to subdivision 1, is forgiven. 
  1.20     <b>[EFFECTIVE DATE.]</b> This section is effective the day 
  1.21  following final enactment.