HF 2641

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:32pm

A bill for an act
relating to capital investment; appropriating money for a maximum effort loan to
Red Lake School District; authorizing the sale and issuance of state bonds.

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

Section 1. new text begin RED LAKE SCHOOL DISTRICT MAXIMUM EFFORT LOAN.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $25,227,475 is appropriated from the maximum
effort school loan fund to the commissioner of education for a capital loan to Independent
School District No. 38, Red Lake, as provided in Minnesota Statutes, sections 126C.60
to 126C.72, to complete additions and renovations to the Red Lake Middle School and
High School complex, including demolition of the original elementary school; to replace
new district and student services, a high school media center, technology labs, and replace
locker rooms; to construct an addition of a fifth grade wing to the middle school; and to
convert old vocational spaces to middle school hands-on learning labs including shop,
technology, fitness, and nutrition. The project also includes parking lots, sidewalks, water
management, landscaping, and an environmental studies area.
new text end

new text begin Before any capital loan contract is approved under this authorization, the district
must provide documentation acceptable to the commissioner on how the capital loan will
be used.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this section from the
bond proceeds fund, the commissioner of management and budget shall sell and issue
bonds of the state in an amount up to $25,227,475 in the manner, upon the terms, and with
the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by the
Minnesota Constitution, article XI, sections 4 to 7.
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