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HF 3043

as introduced - 89th Legislature (2015 - 2016) Posted on 03/14/2016 03:28pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to education finance; authorizing additional early repayments of
maximum effort capital loans; amending Laws 2011, First Special Session
chapter 11, article 4, section 8.

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

Section 1.

Laws 2011, First Special Session chapter 11, article 4, section 8, is amended
to read:


Sec. 8. EARLY REPAYMENT.

new text begin (a) new text end A school district that received a maximum effort capital loan prior to January
1, 1997, may repay the full outstanding original principal on its capital loan prior to
July 1, 2012, and the liability of the district on the loan is satisfied and discharged and
interest on the loan ceases.

new text begin (b) A school district with an outstanding capital loan balance that received a
maximum effort capital loan prior to January 1, 2007, may repay to the commissioner of
education by November 30, 2016, the full outstanding original principal on its capital
loan and the liability of the district on the loan is satisfied and discharged and interest
on the loan ceases.
 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