1.1 	A bill for an act
1.2 	relating to education finance; authorizing additional early repayments of 
1.3 	maximum effort capital loans;amending Laws 2011, First Special Session 
1.4 	chapter 11, article 4, section 8.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Laws 2011, First Special Session chapter 11, article 4, section 8, is amended 
1.7 	to read:
1.8 	Sec. 8. EARLY REPAYMENT.
 1.9 	(a) A school district that received a maximum effort capital loan prior to January 1, 
1.10 	1997 2007, may repay the full outstanding original principal on its capital loan prior to 
1.11 	July 1, 2012 2017, and the liability of the district on the loan is satisfied and discharged 
1.12 	and interest on the loan ceases.
1.13 	(b) For loans repaid after July 1, 2012, the amount to be repaid equals the full 
1.14 	outstanding original principal less any interest amounts paid by the school district to the 
1.15 	state over the course of the loan.

1.16 	EFFECTIVE DATE. This section is effective the day following final enactment.