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SF 2471

1st Engrossment - 87th Legislature (2011 - 2012) Posted on 03/20/2012 09:19am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - 1st Engrossment

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A bill for an act
 relating to education; modifying certain bonding election timing provisions for
school districts; amending Minnesota Statutes 2010, sections 475.53, subdivision
5; 475.58, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2010, section 475.53, subdivision 5, is amended to read:


Subd. 5.

Certain independent school districts.

No independent school district
located wholly deleted text begin or partlydeleted text end within a city of the first class shall issue obligations with a term
of more than two years, whenever the aggregate of the outstanding obligations of the
district equals or exceeds 0.7 percent of the market value of the taxable property within
the school district.

Sec. 2.

Minnesota Statutes 2010, section 475.58, is amended by adding a subdivision
to read:


new text begin Subd. 1b. new text end

new text begin School districts. new text end

new text begin A school district election under this section must be
held on the first Tuesday after the first Monday in November.
 new text end