SF 2747

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education finance; authorizing an 
  1.3             intermediate school district to issue tax and aid 
  1.4             anticipation certificates as if it were a school 
  1.5             district; amending Minnesota Statutes 2000, sections 
  1.6             123B.78, subdivision 3; 126C.50.  
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 2000, section 123B.78, 
  1.9   subdivision 3, is amended to read: 
  1.10     Subd. 3.  [TAX AND AID ANTICIPATION CERTIFICATES.] 
  1.11  Minnesota school districts and intermediate school districts may 
  1.12  issue tax and aid anticipation certificates in conformance with 
  1.13  the provisions of sections 126C.50 to 126C.56, with the 
  1.14  additional provision that the proceeds of such borrowing or any 
  1.15  other method of borrowing shall be recorded as liabilities of 
  1.16  funds for which the taxes were levied, or for which the aids are 
  1.17  receivable.  Nothing in this subdivision provides authority for 
  1.18  borrowing against the tax levies and aids of one district fund 
  1.19  for the purpose of increasing the available cash balance of 
  1.20  another fund. 
  1.21     [EFFECTIVE DATE.] This section is effective for taxes 
  1.22  payable in 2003. 
  1.23     Sec. 2.  Minnesota Statutes 2000, section 126C.50, is 
  1.24  amended to read: 
  1.25     126C.50 [TAX AND AID ANTICIPATION BORROWING; DEFINITIONS.] 
  1.26     School district as used in sections 126C.50 to 126C.56 
  2.1   means any school district or intermediate school district in the 
  2.2   state of Minnesota, however organized and wherever located. 
  2.3      [EFFECTIVE DATE.] This section is effective for taxes 
  2.4   payable in 2003.