1.1A bill for an act1.2relating to capital improvements; providing for a maximum effort capital loan to 1.3Independent School District No. 38, Red Lake; authorizing the sale and issuance 1.4of state bonds; appropriating money.1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:1.6    Section 1. MAXIMUM EFFORT SCHOOL LOAN, RED LAKE.1.7Notwithstanding the procedural timelines in Minnesota Statutes, section 126C.69, 1.8$30,000,000 is appropriated from the maximum effort school loan fund for a capital loan 1.9to Independent School District No. 38, Red Lake, as provided in Minnesota Statutes, 1.10sections 126C.60 to 126C.72, to design, construct, renovate, furnish, and equip school 1.11facilities, and for health and safety capital improvements at the Red Lake school district.1.12    Sec. 2. BOND SALE.1.13To provide the money appropriated in section 1 from the maximum effort school 1.14loan fund, the commissioner of finance shall sell and issue bonds of the state in an amount 1.15up to $30,000,000 in the manner, upon the terms, and with the effect prescribed by 1.16Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution, 1.17article XI, sections 4 to 7. The proceeds of the bonds, except accrued interest and any 1.18premium received on the sale of the bonds, must be credited to a bond proceeds account 1.19in the maximum effort school loan fund.1.20    Sec. 3. EFFECTIVE DATE.1.21Sections 1 and 2 are effective the day following final enactment.