1.1                          A bill for an act 
  1.2             relating to education; approving a maximum effort 
  1.3             capital loan for independent school district No. 115, 
  1.4             Cass Lake; authorizing state bonds; appropriating 
  1.5             money. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [MAXIMUM EFFORT CAPITAL LOAN.] 
  1.8      Subdivision 1.  [INDEPENDENT SCHOOL DISTRICT NO. 115, CASS 
  1.9   LAKE.] $7,505,000 is appropriated from the maximum effort school 
  1.10  loan fund to the commissioner of children, families, and 
  1.11  learning to make a capital loan to independent school district 
  1.12  No. 115, Cass Lake.  $7,505,000 is approved for a capital loan 
  1.13  to independent school district No. 115, Cass Lake. 
  1.14     Subd. 2.  [BONDS.] To provide the money appropriated by 
  1.15  this section from the maximum effort school loan fund, the 
  1.16  commissioner of finance, on request of the governor, shall sell 
  1.17  and issue bonds of the state in an amount up to $7,505,000 in 
  1.18  the manner, on the terms, and with the effect prescribed by 
  1.19  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  1.20  Minnesota Constitution, article XI, sections 4 to 7.  The 
  1.21  proceeds of the bonds, except accrued interest and any premium 
  1.22  received on the sale of the bonds, must be credited to a bond 
  1.23  proceeds account in the maximum effort school loan fund.  
  1.24     Sec. 2.  [EFFECTIVE DATE.] 
  1.25     Section 1 is effective the day following final enactment.