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SF 2726

as introduced - 89th Legislature (2015 - 2016) Posted on 03/24/2016 10:01am

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

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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.

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

Section 1.

Laws 2011, First Special Session chapter 11, article 4, section 8, is amended
to read:


Sec. 8. EARLY REPAYMENT.

new text begin (a) new text end A school district that received a maximum effort capital loan prior to January 1,
deleted text begin 1997deleted text end new text begin 2007new text end , may repay the full outstanding original principal on its capital loan prior to
July 1, deleted text begin 2012deleted text end new text begin 2017new text end , and the liability of the district on the loan is satisfied and discharged
and interest on the loan ceases.

new text begin (b) 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.
 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