HF 1137

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; authorizing the sale of certain bonds; amending
Minnesota Statutes 2006, section 128D.11, subdivision 3.

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

Section 1.

Minnesota Statutes 2006, section 128D.11, subdivision 3, is amended to read:

Subd. 3.

No election.

Subject to the provisions of subdivisions 7 to 10, the school
district may also by a two-thirds majority vote of all the members of its board of education
and without any election by the voters of the district, issue and sell in each calendar
year general obligation bonds of the district in an amount not to exceed 5-1/10 per cent
of the net tax capacity of the taxable property in the district (plus, for calendar years
1990 to 2003, an amount not to exceed $7,500,000, deleted text begin and deleted text end for calendar years 2004 to 2008
an amount not to exceed $15,000,000 new text begin , and for each calendar year after 2008, an amount
not to exceed $15,000,000 new text end ; with an additional provision that any amount of bonds so
authorized for sale in a specific year and not sold can be carried forward and sold in
the year immediately following).

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 2. new text begin BONDING AUTHORIZATION.
new text end

new text begin To provide funds for the acquisition or betterment of school facilities, Independent
School District No. 625, St. Paul, may by two-thirds majority vote of all the members
of the board of directors issue general obligation bonds in one or more series for each
calendar year following 2008, as provided in this section. The aggregate principal
amount of any bonds issued under this section for each calendar year must not exceed
$15,000,000. Issuance of the bonds is not subject to Minnesota Statutes, section 475.58 or
475.59. The bonds must otherwise be issued as provided in Minnesota Statutes, chapter
475. The authority to issue bonds under this section is in addition to any bonding authority
authorized by Minnesota Statutes, chapter 123B, or other law. The amount of bonding
authority authorized under this section must be disregarded in calculating the bonding
limit of Minnesota Statutes, chapter 123B, or any other law other than Minnesota Statutes,
section 475.53, subdivision 4.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end

Sec. 3. new text begin TAX LEVY FOR DEBT SERVICE.
new text end

new text begin To pay the principal of and interest on bonds issued under section 2, Independent
School District No. 625, St. Paul, must levy a tax annually in an amount sufficient
under Minnesota Statutes, section 475.61, subdivisions 1 and 3, to pay the principal of
and interest on the bonds. The tax authorized under this section is in addition to the
taxes authorized to be levied under Minnesota Statutes, chapter 123B, 124D, or 126C, or
other law.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end