HF 505

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education; maximum effort school loan 
  1.3             program; approving a capital loan for independent 
  1.4             school district No. 36, Kelliher; appropriating money; 
  1.5             authorizing the sale of bonds. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [MAXIMUM EFFORT CAPITAL LOAN.] 
  1.8      Subdivision 1.  [APPROPRIATION.] $6,900,000 is appropriated 
  1.9   from the maximum effort school loan fund to the commissioner of 
  1.10  education to make a capital loan to independent school district 
  1.11  No. 36, Kelliher, notwithstanding the priority in Laws 1993, 
  1.12  chapter 224, article 5, section 45.  $6,900,000 is approved for 
  1.13  a capital loan to independent school district No. 36, Kelliher. 
  1.14     Subd. 2.  [BONDS.] To provide the money appropriated by 
  1.15  this section from the maximum effort school loan fund, the 
  1.16  commissioner of finance, on request of the governor, shall sell 
  1.17  and issue bonds of the state in an amount up to $6,900,000 in 
  1.18  the manner, on the terms, and with the effect prescribed by 
  1.19  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  1.20  Minnesota Constitution, article XI, sections 4 to 7.  The 
  1.21  proceeds of the bonds, except accrued interest and any premium 
  1.22  received on the sale of the bonds, must be credited to a bond 
  1.23  proceeds account in the maximum effort school loan fund. 
  1.24     Sec. 2.  [EFFECTIVE DATE.] 
  1.25     Section 1 is effective the day following final enactment.