SF 1700

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; authorizing school
districts to bond for certain technology costs;
proposing coding for new law in Minnesota Statutes,
chapter 123B.

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

Section 1.

new text begin [123B.615] BONDS FOR TECHNOLOGY PURCHASES.
new text end

new text begin Subdivision 1. new text end

new text begin Bonds authorized. new text end

new text begin The board of a district
may issue general obligation certificates of indebtedness or
capital notes subject to the district debt limits to: (1)
purchase computers, telephone systems, cable equipment,
photocopy and office equipment, technological equipment for
instruction, and other capital equipment having an expected
useful life at least as long as the terms of the certificates or
notes; and (2) purchase computer hardware and software, without
regard to its expected useful life, whether bundled with
machinery or equipment or unbundled, together with application
development services and training related to the use of the
computer.
new text end

new text begin Subd. 2. new text end

new text begin Bond amounts; terms. new text end

new text begin The amount of bonds issued
by the board in any calendar year may not exceed $200 times the
district's adjusted marginal cost pupil units for that year.
The certificates or notes must be payable in not more than five
years and must be issued on the terms and in the manner
determined by the board.
new text end

new text begin Subd. 3. new text end

new text begin Election not required. new text end

new text begin A bond issue tentatively
authorized by the board under this section becomes finally
authorized unless a petition signed by more than 15 percent of
the registered voters of the district is filed with the school
board within 30 days of the board's adoption of a resolution
stating the board's intention to issue bonds. The percentage is
to be determined with reference to the number of registered
voters in the district on the last day before the petition is
filed with the board. The petition must call for a referendum
on the question of whether to issue the bonds for the projects
under this section. The approval of 50 percent plus one of
those voting on the question is required to pass a referendum
authorized by this section.
new text end

new text begin Subd. 4. new text end

new text begin Levy authorized. new text end

new text begin The certificates or notes are
general obligation bonds for purposes of section 126C.55. A tax
levy must be made for the payment of the principal and interest
on the certificates or notes, in accordance with section 475.61,
as in the case of bonds.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective July 1, 2005.
new text end