SF 2768

as introduced - 83rd Legislature (2003 - 2004) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education finance; expanding the 
  1.3             definition of net debt limit for school districts; 
  1.4             amending Minnesota Statutes 2002, section 128D.11, 
  1.5             subdivision 9. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2002, section 128D.11, 
  1.8   subdivision 9, is amended to read: 
  1.9      Subd. 9.  [NET DEBT DEFINED.] The net debt of the school 
  1.10  district for the purposes of this limitation is the amount of 
  1.11  bonds less the amount of all money and the face value of all 
  1.12  securities then held as a sinking fund for the payment of such 
  1.13  bonds, and shall not include school aid and tax anticipation 
  1.14  certificates of indebtedness not in default or bonds issued to 
  1.15  pay pension fund liabilities under section 475.52, subdivision 6.