HF 487

1st Engrossment - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to higher education; bonding; exempting 
  1.3             appropriations for Minnesota state college and 
  1.4             university libraries from the one-third debt service 
  1.5             requirement; amending Laws 1994, chapter 643, section 
  1.6             35, subdivision 1. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Laws 1994, chapter 643, section 35, subdivision 
  1.9   1, is amended to read: 
  1.10     Subdivision 1.  [HIGHER EDUCATION BOARDS.] The state board 
  1.11  of technical colleges, the state board for community colleges, 
  1.12  the state university board, or their successors shall pay 
  1.13  one-third of the debt service on state bonds sold to finance 
  1.14  projects authorized by this act.  Appropriations for higher 
  1.15  education asset preservation and renewal and for libraries are 
  1.16  not subject to the one-third debt service requirement.  After 
  1.17  each sale of general obligation bonds, the commissioner of 
  1.18  finance shall notify the state board of technical colleges, the 
  1.19  state board for community colleges, the state university board, 
  1.20  and the higher education board of the amounts for which each 
  1.21  system is assessed of for each year for the life of the bonds.