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Office of the Revisor of Statutes

HF 529

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.
Version List Authors and Status
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Bill Text Versions

Engrossments
Introduction Posted on 01/27/2005

Current Version - as introduced

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A bill for an act
 relating to education finance; authorizing the sale of
a school facility; forgiving any remaining balance on
the maximum effort capital loan issued to former
Independent School District No. 566, Askov.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. MAXIMUM EFFORT CAPITAL LOAN FORGIVEN; EAST
CENTRAL.

Subdivision 1.

Sale requirements.

Independent School
District No. 2580, East Central, may sell its middle school
building in accordance with Minnesota Statutes, section
16A.695. The net proceeds from the sale of the property must be
paid to the commissioner of finance and deposited in the state
bond fund.

Subd. 2.

Outstanding loan balance forgiven.

Any
remaining outstanding balance on the maximum effort capital loan
issued in January 1982 to former Independent School District No.
566, Askov, after the application of the sale proceeds according
to subdivision 1, is forgiven.

EFFECTIVE DATE.

This section is effective the day
following final enactment.