1.1 	A bill for an act
1.2 	relating to education finance; authorizing additional early repayments of 
1.3 	maximum effort capital loans;amending Laws 2011, First Special Session 
1.4 	chapter 11, article 4, section 8.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Laws 2011, First Special Session chapter 11, article 4, section 8, is amended 
1.7 	to read:
1.8 	Sec. 8. EARLY REPAYMENT.
 1.9 	(a) A school district that received a maximum effort capital loan prior to January 
1.10 	1, 1997, may repay the full outstanding original principal on its capital loan prior to 
1.11 	July 1, 2012, and the liability of the district on the loan is satisfied and discharged and 
1.12 	interest on the loan ceases.
1.13 	(b) A school district with an outstanding capital loan balance that received a 
1.14 	maximum effort capital loan prior to January 1, 2007, may repay to the commissioner of 
1.15 	education by November 30, 2016, the full outstanding original principal on its capital 
1.16 	loan and the liability of the district on the loan is satisfied and discharged and interest 
1.17 	on the loan ceases.

1.18 	EFFECTIVE DATE. This section is effective the day following final enactment.