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Minnesota Legislature

Office of the Revisor of Statutes

SF 811

3rd Engrossment - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:16am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - 3rd Engrossment

Line numbers 1.1 1.2 1.3 1.4 1.5
1.6 1.7 1.8 1.9 1.10 1.11 1.12 1.13 1.14 1.15 1.16 1.17 1.18 1.19 1.20 1.21 1.22 1.23
1.24

A bill for an act
relating to education finance; authorizing Independent School District No. 2887,
McLeod West, to issue general obligation bonds for its reorganization operating
debt.

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

Section 1. new text beginMCLEOD WEST SCHOOL DISTRICT; FUNDING BONDS.
new text end

new text begin Subdivision 1. new text end

new text begin Reorganization operating debt determined. new text end

new text begin Independent School
District No. 2887, McLeod West, must estimate its reorganization operating debt
according to Minnesota Statutes, section 123B.82, and submit that amount to the
commissioner of education for approval.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin Independent School District No. 2887, McLeod West, may
issue general obligation bonds without an election under Minnesota Statutes, chapter
475, in an amount not to exceed the reorganization operating debt approved by the
commissioner of education under subdivision 1. The bonds must be repaid within six
years of issuance.
new text end

new text begin Subd. 3. new text end

new text begin Repayment. new text end

new text begin The bonded debt issued under this section remains payable
by the taxable property located within the boundaries of former Independent School
District No. 2887, McLeod West.
new text end

new text begin Subd. 4. new text end

new text begin Reorganization operating debt levy. new text end

new text begin A school district that otherwise is
eligible to levy for reorganization operating debt amounts of the former Independent
School District No. 2887, McLeod West, may levy under Minnesota Statutes, section
123A.73, subdivision 9, only upon approval of the commissioner of education and only for
that portion of the reorganization operating debt not already included under subdivision 1.
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