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SF 1985

as introduced - 87th Legislature (2011 - 2012) Posted on 02/21/2012 09:23am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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1.14

A bill for an act
 relating to education finance; authorizing early repayment of maximum effort
debt service loans.

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

Section 1. new text begin MAXIMUM EFFORT DEBT SERVICE LOANS; EARLY
REPAYMENT AUTHORIZED.
new text end

new text begin (a) A school district that received a maximum effort debt service loan prior to
January 1, 1997, may repay the full outstanding original principal on its debt service loan
prior to July 1, 2013, and the liability of the district on the debt service loan is satisfied and
discharged and interest on the loan ceases.
 new text end

new text begin (b) A school district making a payment under this section may transfer any
remaining excess balance from its debt redemption fund to the building construction
fund prior to July 1, 2013.
 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