Minnesota Session Laws - 2009, Regular Session

CHAPTER 20--S.F.No. 811

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 begin MCLEOD 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

Presented to the governor April 15, 2009

Signed by the governor April 16, 2009, 2:16 p.m.