1.1                          A bill for an act 
  1.2             relating to education finance; authorizing a capital 
  1.3             loan for independent school district No. 698, 
  1.4             Floodwood; appropriating money.  
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [CAPITAL LOAN; FLOODWOOD.] 
  1.7      Subdivision 1.  [EXCEPTION ALLOWED.] Notwithstanding the 
  1.8   timelines in Minnesota Statutes, section 126C.69, subdivision 3, 
  1.9   6, 7, or 11, or the application limitation in Laws 2000, chapter 
  1.10  492, article 1, section 5, subdivision 5, independent school 
  1.11  district No. 698, Floodwood, may apply to the department of 
  1.12  children, families, and learning for a maximum effort capital 
  1.13  loan. 
  1.14     Subd. 2.  [INDEPENDENT SCHOOL DISTRICT NO. 698, 
  1.15  FLOODWOOD.] $3,200,000 is appropriated from the maximum effort 
  1.16  school loan fund to the commissioner of children, families, and 
  1.17  learning to make a capital loan to independent school district 
  1.18  No. 698, Floodwood.  $3,200,000 is approved for a capital loan 
  1.19  to independent school district No. 698, Floodwood. 
  1.20     Subd. 3.  [COMMISSIONER REVIEW.] The commissioner of 
  1.21  children, families, and learning shall complete the review and 
  1.22  comment process according to Minnesota Statutes, section 
  1.23  126C.69, subdivisions 3, 4, 5, and 8, for the project approved 
  1.24  in this section. 
  1.25     The commissioner shall review the proposed plan and budget 
  2.1   of the project approved in this section and may reduce the 
  2.2   amount of a loan to ensure that the project will be economical.  
  2.3   The commissioner may recover the cost incurred by the 
  2.4   commissioner for any professional services associated with the 
  2.5   final review by reducing the proceeds of the loan paid to a 
  2.6   district. 
  2.7      Subd. 4.  [BONDS.] To provide the money appropriated by 
  2.8   this section from the maximum effort school loan fund, the 
  2.9   commissioner of finance, on request of the governor, shall sell 
  2.10  and issue bonds of the state in an amount up to $3,200,000 in 
  2.11  the manner, on the terms, and with the effect prescribed by 
  2.12  Minnesota Statutes, sections 16A.631 to 16A.675, and by the 
  2.13  Minnesota Constitution, article XI, sections 4 to 7.  The 
  2.14  proceeds of the bonds, except accrued interest and any premium 
  2.15  received on the sale of the bonds, must be credited to a bond 
  2.16  proceeds account in the maximum effort school loan fund. 
  2.17     <b>[EFFECTIVE DATE.]</b> This section is effective the day 
  2.18  following final enactment.