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HF 2109

as introduced - 87th Legislature (2011 - 2012) Posted on 02/08/2012 12:01pm

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

Bill Text Versions

Engrossments
Introduction Posted on 02/08/2012

Current Version - as introduced

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A bill for an act
relating to capital improvements; appropriating money for construction and
renovation of facilities in Independent School District No. 38, Red Lake;
authorizing the sale and issuance of state bonds.

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

Section 1. new text beginINDEPENDENT SCHOOL DISTRICT NO. 38, RED LAKE.
new text end

new text begin Subdivision 1. new text end

new text begin Appropriation. new text end

new text begin $7,989,000 is appropriated from the maximum
effort school loan fund for a capital loan to Independent School District No. 38, Red Lake,
as provided in Minnesota Statutes, sections 126C.60 to 126C.72, to design, construct,
furnish, and equip renovation of existing facilities and construction of new facilities.
new text end

new text begin The project paid for with this appropriation includes a portion of the renovation
and construction identified in the review and comment performed by the commissioner
of education under the capital loan provisions of Minnesota Statutes, section 126C.69.
This portion includes demolition of the original elementary school, and predesign, design,
construction, furnishing, and equipping a district and student services area, media center
and technology labs, physical education locker rooms, and support areas.
new text end

new text begin Before any capital loan contract is approved under this authorization, the district
must provide documentation acceptable to the commissioner on how the capital loan will
be used. If any portion of the appropriation remains after completion of the identified
project components, the district may, with the commissioner's approval, use the money for
other items identified in the review and comment submission.
new text end

new text begin Subd. 2. new text end

new text begin Bond sale. new text end

new text begin To provide the money appropriated in this act from the
maximum effort school loan fund, the commissioner of management and budget shall sell
and issue bonds of the state in an amount up to $7,989,000 in the manner, upon the terms,
and with the effect prescribed by Minnesota Statutes, sections 16A.631 to 16A.675, and by
the Minnesota Constitution, article XI, sections 4 to 7. The proceeds of the bonds, except
accrued interest and any premium received on the sale of bonds, must be credited to a
bond proceeds account in the maximum effort school loan fund.
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