HF 273

1st Committee Engrossment - 86th Legislature (2009 - 2010)

Posted on 03/19/2013 07:28 p.m.

1.1A bill for an act 1.2relating 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. new text begin MAXIMUM EFFORT SCHOOL LOAN, RED LAKE. new text end 1.7 new text begin Notwithstanding the procedural timelines in Minnesota Statutes, section 126C.69, new text end 1.8 new text begin $5,781,000 is appropriated from the maximum effort school loan fund for a capital loan new text end 1.9 new text begin to Independent School District No. 38, Red Lake, as provided in Minnesota Statutes, new text end 1.10 new text begin sections 126C.60 to 126C.72, to design, construct, renovate, furnish, and equip the middle new text end 1.11 new text begin and high school facilities at the Red Lake school district. new text end 1.12    Sec. 2. new text begin BOND SALE. new text end 1.13 new text begin To provide the money appropriated in section 1 from the maximum effort school new text end 1.14 new text begin loan fund, the commissioner of finance shall sell and issue bonds of the state in an new text end 1.15 new text begin amount up to $5,781,000 in the manner, upon the terms, and with the effect prescribed by new text end 1.16 new text begin Minnesota Statutes, sections 16A.631 to 16A.675, and by the Minnesota Constitution, new text end 1.17 new text begin article XI, sections 4 to 7. The proceeds of the bonds, except accrued interest and any new text end 1.18 new text begin premium received on the sale of the bonds, must be credited to a bond proceeds account new text end 1.19 new text begin in the maximum effort school loan fund. new text end 1.20    Sec. 3. new text begin EFFECTIVE DATE. new text end 1.21 new text begin Sections 1 and 2 are effective the day following final enactment. new text end