HF 1217

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; providing for an alternative 
  1.3             debt service plan for independent school district Nos. 
  1.4             789, Clarissa, and 790, Eagle Bend. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [ALTERNATIVE DEBT SERVICE PLAN.] 
  1.7      Notwithstanding the procedures for dealing with outstanding 
  1.8   debt in Minnesota Statutes, section 122.23, subdivision 16, 
  1.9   independent school district Nos. 789, Clarissa, and 790, Eagle 
  1.10  Bend may develop an alternative plan for meeting debt service 
  1.11  for bonds outstanding at the time of reorganization.  That plan 
  1.12  may provide for the obligation of paying bonds outstanding at 
  1.13  the time of reorganization to remain with the district that 
  1.14  originally issued the bonds except that the plan may provide for 
  1.15  independent school district No. 790, Eagle Bend when its 
  1.16  outstanding debt is paid off, to continue making a debt levy and 
  1.17  contribute the proceeds of that levy towards the outstanding 
  1.18  debt of independent school district No. 789, Clarissa.  This 
  1.19  debt plan must be approved by the commissioner of education as 
  1.20  in Minnesota Statutes, section 122.23, subdivision 6.  Any 
  1.21  contributions toward the debt of independent school district No. 
  1.22  789, Clarissa, by independent school district No. 790, Eagle 
  1.23  Bend under this section must not be considered in the 
  1.24  calculation of debt equalization aid for independent school 
  1.25  district No. 790, Eagle Bend.