Minnesota Legislature
SF 986
as introduced - 88th Legislature (2013 - 2014) Posted on 03/05/2013 08:39am
Current Version - as introduced
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A bill for an act
relating to education finance; authorizing intermediate school districts to sell and
issue facility bonds under certain circumstances; amending Minnesota Statutes
2012, sections 136D.281; 136D.741; 136D.88.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Section 1.
Minnesota Statutes 2012, section 136D.281, is amended to read:
136D.281 BONDS.
Subdivision 1.
Purpose.
The intermediate school board, acting in its own behalf, may
issue bonds for the acquisition and betterment of school facilities or equipment or for the
funding or refunding of outstanding bonds, warrants, orders, or certificates of indebtedness.
Subd. 2.
General law.
Chapter 475 shall be applicable in all respectsnew text begin , except as
separately provided in this sectionnew text end .
Subd. 3.
Resolution.
The purpose and the amount of any borrowing shall first be
approved by resolution of the school board of the intermediate school district. new text begin If the
resolution is for a bond issue authorized under subdivision 4, paragraph (c), the resolution
must identify the manner in which the taxes will be spread upon taxpayers in the member
districts. new text end When the resolution has been adopted by the intermediate school board it shall
be published once in a newspaper of general circulation in said district.
Subd. 4.
Referendum.
(a) new text begin Except as provided in paragraph (c), new text end the intermediate
school board shall not sell and issue bonds for acquisition or betterment purposes until
the question of their issuance has been submitted to the voters of the intermediate school
district at a special election held in and for the intermediate district. The date of the
election, the question to be submitted, and all other necessary conduct of the election shall
be fixed by the intermediate school board. The election shall be conducted and canvassed
under the direction of the intermediate school board in accordance with chapter 205A,
insofar as applicable.
(b) If a majority of the total number of votes cast on the question within the
intermediate school district is in favor of the question, the intermediate school board may
proceed with the sale and issuance of the bonds.
new text begin
(c) Upon adoption of a resolution by the intermediate school district board
comprised of duly elected board members from each member district, the intermediate
school board may sell and issue bonds for any facility deferred maintenance purpose
otherwise authorized in section 123B.59. Each district's resolution must pledge the full
faith, credit, and unlimited taxing powers of that school district to the payment of all bonds
and certificates of indebtedness.
new text end
Subd. 5.
General obligation bonds.
new text begin (a) For bonds and certificates of indebtedness
approved under subdivision 4, paragraphs (a) and (b), new text end the full faith, credit, and unlimited
taxing powers of the intermediate school district shall be pledged to the payment of all
bonds and certificates of indebtedness, and none of the obligations shall be included in the
net debt of any participating school district as defined by section 475.51, subdivision 4,
or any other similar law.
new text begin
(b) For bonds and certificates of indebtedness approved under subdivision 4,
paragraph (c), the full faith, credit, and unlimited taxing powers of the member school
districts of the intermediate school district are pledged to the payment of all bonds and
certificates of indebtedness, and none of the obligations shall be included in the net debt
of the member school district as defined by section 475.51, subdivision 4, or any other
similar law.
new text end
Subd. 6.
Levies for payment.
new text begin (a) new text end The intermediate school board upon awarding
a contract for the sale of the bonds new text begin authorized under subdivision 4, paragraphs (a) and
(b), new text end shall certify to the county auditor or county auditors the years and amounts of taxes
required to be levied for the payment of the bonds as provided by section 475.61. The
county auditor shall cause taxes to be spread in each year until bonds and interest have
been paid upon all of the assessable, taxable valuation of the intermediate school district.
new text begin
(b) For bonds and certificates of indebtedness issued under subdivision 4, paragraph
(c), each member school district shall include its share of the levy, as specified in
subdivision 3, in its debt service levy under section 123B.55.
new text end
Subd. 7.
Tax-exempt securities.
In all other respects chapter 475 shall apply and
the bonds shall be deemed authorized securities within the provisions of section 50.14 and
shall be deemed instruments of a public governmental agency.
Subd. 8.
deleted text begin Expirationdeleted text end new text begin Authority limitednew text end .
The intermediate school board may not
issue bonds under this section deleted text begin afterdeleted text end new text begin betweennew text end July 1, 1994new text begin , and July 1, 2013new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2013.
new text end
Sec. 2.
Minnesota Statutes 2012, section 136D.741, is amended to read:
136D.741 BONDS.
Subdivision 1.
Purpose.
The intermediate school board, acting in its own behalf, may
issue bonds for the acquisition and betterment of school facilities or equipment or for the
funding or refunding of outstanding bonds, warrants, orders, or certificates of indebtedness.
Subd. 2.
Chapter 475 applies.
Chapter 475 shall be applicable in all respectsnew text begin ,
except as separately provided in this sectionnew text end .
Subd. 3.
Resolution.
The purpose and the amount of any borrowing shall first be
approved by resolution of the school board of the intermediate school district. new text begin If the
resolution is for a bond issue authorized under subdivision 4, paragraph (c), the resolution
must identify the manner in which the taxes will be spread upon taxpayers in the member
districts. new text end When such resolution has been adopted by the intermediate school board it shall
be published once in a newspaper of general circulation in said district.
Subd. 4.
Referendum.
(a) new text begin Except as provided in paragraph (c), new text end the intermediate
school board shall not sell and issue bonds for acquisition or betterment purposes until
the question of their issuance has been submitted to the voters of the intermediate school
district at a special election held in and for such intermediate district. The date of such
election, the question to be submitted, and all other necessary conduct of such election
shall be fixed by the intermediate school board and said election shall be conducted and
canvassed under the direction of the intermediate school board in accordance with chapter
205A, insofar as the same may be deemed applicable.
(b) If a majority of the total number of votes cast on the question within the
intermediate school district is in favor of the question, the intermediate school board may
thereupon proceed with the sale and the issuance of said bonds.
new text begin
(c) Upon adoption of a resolution by the intermediate school district board
comprised of duly elected board members from each member district, the intermediate
school board may sell and issue bonds for any facility deferred maintenance purpose
otherwise authorized in section 123B.59. Each district's resolution must pledge the full
faith, credit, and unlimited taxing powers of that school district to the payment of all bonds
and certificates of indebtedness.
new text end
Subd. 5.
Payment.
new text begin (a) For bonds and certificates of indebtedness approved under
subdivision 4, paragraphs (a) and (b), new text end the full faith, creditnew text begin ,new text end and unlimited taxing powers
of the intermediate school district shall be pledged to the payment of all bonds and
certificates of indebtedness, and none of such obligations shall be included in the net debt
of any participating school district as defined by section 475.51, subdivision 4, or any
other law similar thereto.
new text begin
(b) For bonds and certificates of indebtedness approved under subdivision 4,
paragraph (c), the full faith, credit, and unlimited taxing powers of the member school
districts of the intermediate school district are pledged to the payment of all bonds and
certificates of indebtedness, and none of the obligations shall be included in the net debt
of the member school district as defined by section 475.51, subdivision 4, or any other
similar law.
new text end
Subd. 6.
Tax for.
new text begin (a) new text end The intermediate school board upon awarding a contract for
the sale of such bonds new text begin authorized under subdivision 4, paragraphs (a) and (b), new text end shall certify
to the county auditor or county auditors the years and amounts of taxes required to be
levied for the payment of such bonds as provided by section 475.61. The county auditor
shall cause such taxes to be spread in each year until bonds and interest have been paid
upon all of the assessable, taxable valuation of said intermediate school district.
new text begin
(b) For bonds and certificates of indebtedness issued under subdivision 4, paragraph
(c), each member school district shall include its share of the levy, as specified in
subdivision 3, in its debt service levy under section 123B.55.
new text end
Subd. 7.
Tax-exempt securities.
In all other respects chapter 475, shall apply and
said bonds shall be deemed authorized securities within the provisions of section 50.14,
and shall be deemed instruments of a public governmental agency.
Subd. 8.
deleted text begin Expirationdeleted text end new text begin Authority limitednew text end .
The intermediate school board may not
issue bonds under this section deleted text begin afterdeleted text end new text begin betweennew text end July 1, 1994new text begin , and July 1, 2013new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2013.
new text end
Sec. 3.
Minnesota Statutes 2012, section 136D.88, is amended to read:
136D.88 BONDS.
Subdivision 1.
Purpose.
The intermediate school board, acting in its own behalf, may
issue bonds for the acquisition and betterment of school facilities or equipment or for the
funding or refunding of outstanding bonds, warrants, orders, or certificates of indebtedness.
Subd. 2.
General law.
Chapter 475 shall be applicable in all respectsnew text begin , except as
separately provided in this sectionnew text end .
Subd. 3.
Resolution.
The purpose and the amount of any borrowing shall first be
approved by resolution of the school board of the intermediate school district. new text begin If the
resolution is for a bond issue authorized under subdivision 4, paragraph (c), the resolution
must identify the manner in which the taxes will be spread upon taxpayers in the member
districts. new text end When the resolution has been adopted by the intermediate school board it shall
be published once in a newspaper of general circulation in the district.
Subd. 4.
Referendum.
(a) new text begin Except as provided in paragraph (c), new text end the intermediate
school board shall not sell and issue bonds for acquisition or betterment purposes until
the question of their issuance has been submitted to the voters of the intermediate school
district at a special election held in and for the intermediate district. The date of the
election, the question to be submitted, and all other necessary conduct of the election shall
be fixed by the intermediate school board. The election shall be conducted and canvassed
under the direction of the intermediate school board in accordance with chapter 205A,
insofar as applicable.
(b) If a majority of the total number of votes cast on the question within the
intermediate school district is in favor of the question, the intermediate school board may
thereupon proceed with the sale and issuance of the bonds.
new text begin
(c) Upon adoption of a resolution by the intermediate school district board
comprised of duly elected board members from each member district, the intermediate
school board may sell and issue bonds for any facility deferred maintenance purpose
otherwise authorized in section 123B.59. Each district's resolution must pledge the full
faith, credit, and unlimited taxing powers of that school district to the payment of all bonds
and certificates of indebtedness.
new text end
Subd. 5.
General obligation bonds.
new text begin (a) For bonds and certificates of indebtedness
approved under subdivision 4, paragraphs (a) and (b), new text end the full faith, credit, and unlimited
taxing powers of the intermediate school district shall be pledged to the payment of all
bonds and certificates of indebtedness, and none of the obligations shall be included in the
net debt of any participating school district as defined by section 475.51, subdivision 4,
or any other similar law.
new text begin
(b) For bonds and certificates of indebtedness approved under subdivision 4,
paragraph (c), the full faith, credit, and unlimited taxing powers of the member school
districts of the intermediate school district are pledged to the payment of all bonds and
certificates of indebtedness, and none of the obligations shall be included in the net debt
of the member school district as defined by section 475.51, subdivision 4, or any other
similar law.
new text end
Subd. 6.
Levies for payment.
new text begin (a) new text end The intermediate school board upon awarding
a contract for the sale of the bonds new text begin authorized under subdivision 4, paragraphs (a) and
(b), new text end shall certify to the county auditor or county auditors the years and amounts of taxes
required to be levied for the payment of the bonds as provided by section 475.61. The
county auditor shall cause taxes to be spread in each year until bonds and interest have
been paid upon all of the assessable, taxable valuation of the intermediate school district.
new text begin
(b) For bonds and certificates of indebtedness issued under subdivision 4, paragraph
(c), each member school district shall include its share of the levy, as specified in
subdivision 3, in its debt service levy under section 123B.55.
new text end
Subd. 7.
Tax-exempt securities.
In all other respects chapter 475 shall apply and
the bonds shall be deemed authorized securities within the provisions of section 50.14,
and shall be deemed instruments of a public governmental agency.
Subd. 8.
deleted text begin Expirationdeleted text end new text begin Authority limitednew text end .
The intermediate school board may not
issue bonds under this section deleted text begin afterdeleted text end new text begin betweennew text end July 1, 1994new text begin , and July 1, 2013new text end .
new text begin EFFECTIVE DATE. new text end
new text begin
This section is effective July 1, 2013.
new text end