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HF 1927

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 03/17/2005

Current Version - as introduced

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A bill for an act
 relating to education finance; providing that certain
school district refunding bonds are eligible for
payments from taconite production tax revenues;
amending Laws 1996, chapter 412, article 5, section 24.

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

Section 1.

Laws 1996, chapter 412, article 5, section 24,
is amended to read:


Sec. 24. new text begin BONDS PAID FROM TACONITE PRODUCTION TAX
REVENUES.
new text end

Subdivision 1.

Refunding bonds.

The appropriation of
funds from the distribution of taconite production tax revenues
to the taconite environmental protection tax fund and the
northeast Minnesota economic protection fund made by Laws 1988,
chapter 718, article 7, sections 62 and 63, Laws 1989, chapter
329, article 5, section 20, Laws 1990, chapter 604, article 8,
section 13, Laws 1992, chapter 499, article 5, section 29, deleted text begin and
by sections 18 to 20 deleted text end new text begin Laws 1996, chapter 412, article 5, sections
20 to 22, and Laws 2000, chapter 489, article 5, sections 24 to
26new text end , shall continue to apply to bonds issued under Minnesota
Statutes, chapter 475, to refund bonds originally issued
pursuant to those chapters.

Subd. 2.

Local payments.

School districts that are
required in Laws 1988, chapter 718, article 7, sections 62 and
63, Laws 1989, chapter 329, article 5, section 20, Laws 1990,
chapter 604, article 8, section 13, Laws 1992, chapter 499,
article 5, section 29, deleted text begin and by sections 18 to 20 deleted text end new text begin Laws 1996,
chapter 412, article 5, sections 20 to 22, and Laws 2000,
chapter 489, article 5, sections 24 to 26new text end , to impose levies to
pay debt service on the bonds issued under those provisions to
the extent the principal and interest on the bonds is not paid
by distributions from the taconite environmental protection fund
and the northeast Minnesota economic protection trust, may pay
their portion of the principal and interest from any funds
available to them. To the extent a school district uses funds
other than the proceeds of a property tax levy to pay its share
of the principal and interest on the bonds, the requirement to
impose a property tax to pay the local share does not apply to
the school district.

new text begin EFFECTIVE DATE. new text end

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