SF 2579

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

A bill for an act
relating to capital improvements; authorizing the issuance of state bonds;
providing for a maximum effort capital loan to Independent School District
No. 707, Nett Lake, for school construction costs and related improvements;
appropriating money.

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

Section 1. new text begin MAXIMUM EFFORT SCHOOL LOAN, NETT LAKE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $11,000,000 is appropriated from the maximum
effort school loan fund for a capital loan to Independent School District No. 707, Nett
Lake, as provided in Minnesota Statutes, sections 126C.60 to 126C.72, for construction
and renovation costs and related improvements to the district's kindergarten through
grade 6 facilities.
new text end

new text begin Subd. 2. new text end

new text begin Maximum effort school loan fund. new text end

new text begin To provide the money appropriated in
this act from the maximum effort school loan fund, the commissioner of finance shall sell
and issue bonds of the state in an amount up to $11,000,000 in the manner, upon the terms,
and with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by
the Minnesota Constitution, article XI, sections 4 to 7. The proceeds of the bonds, except
accrued interest and any premium received on the sale of the bonds, must be credited to a
bond proceeds account in the maximum effort school loan fund.
new text end

Sec. 2. new text begin EFFECTIVE DATE.
new text end

new text begin This act is effective the day following final enactment.
new text end