MN Legislature

Accessibility menu

Bills use visual text formatting such as stricken text to denote deleted language, and underlined text to denote new language. For users of the jaws screenreader it is recommended to configure jaws to use the proofreading scheme which will alter the pitch of the reading voice when reading stricken and underlined text. Instructions for configuring your jaws reader are provided by following this link.
If you can not or do not wish to configure your screen reader, deleted language will begin with the phrase "deleted text begin" and be followed by the phrase "deleted text end", new language will begin with the phrase "new text begin" and be followed by "new text end". Skip to text of SF 709.

Menu

Revisor of Statutes Menu

SF 709

as introduced - 90th Legislature (2017 - 2018) Posted on 02/07/2017 09:01am

KEY: stricken = removed, old language. underscored = added, new language.

Pdf

Rtf

Version List Authors and Status

Current Version - as introduced

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, as amended.

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

Section 1.

Laws 2011, First Special Session chapter 11, article 4, section 8, as amended
by Laws 2016, chapter 189, article 30, section 22, is amended to read:


Sec. 8. EARLY REPAYMENT.

(a) 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.

(b) A school district with an outstanding capital loan balance that received a maximum
effort capital loan prior to January 1, 2007 2008, may repay to the commissioner of education
by November 30, 2016 July 1, 2018, 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.

(c) For loans repaid after July 1, 2012, the amount to be repaid equals the full outstanding
original principal less any interest amounts paid by the school district to the state over the
course of the loan.

EFFECTIVE DATE.

This section is effective the day following final enactment.

1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20
1.21

700 State Office Building, 100 Rev. Dr. Martin Luther King Jr. Blvd., St. Paul, MN 55155 ♦ Phone: (651) 296-2868 ♦ TTY: 1-800-627-3529 ♦ Fax: (651) 296-0569