1997 Minnesota Statutes

     124.242 Building bonds for calamities. 

    Subdivision 1.    Bonds.  When a building owned by a 
 school district is substantially damaged by an act of God or 
 other means beyond the control of the district, the district may 
 issue general obligation bonds without an election to provide 
 money immediately to carry out its adopted health and safety 
 program.  Each year the district must pledge an attributable 
 share of its health and safety revenue to the repayment of 
 principal and interest on the bonds.  The pledged revenue shall 
 be transferred to the debt redemption fund of the district.  The 
 district shall submit to the department of children, families, 
 and learning the repayment schedule for any bonds issued under 
 this section.  The district shall deposit in the debt redemption 
 fund all proceeds received for specific costs for which the 
 bonds were issued, including but not limited to:  

    (1) insurance proceeds; 

    (2) restitution proceeds; and 

    (3) proceeds of litigation or settlement of a lawsuit. 

    Before bonds are issued, the district must submit a 
 combined application to the commissioner of children, families, 
 and learning for health and safety revenue, according to section 
 124.83, and requesting review and comment, according to section 
 121.15, subdivisions 6, 7, 8, and 9.  The commissioner shall 
 complete all procedures concerning the combined application 
 within 20 days of receiving the application.  The publication 
 provisions of section 121.15, subdivision 9, do not apply to 
 bonds issued under this section.  

    Subd. 2.    Health and safety revenue.  For any fiscal 
 year where the total amount of health and safety revenue is 
 limited, the commissioner of children, families, and learning 
 shall award highest priority to health and safety revenue 
 pledged to repay building bonds issued under subdivision 1. 

    HIST: 1989 c 70 s 1; 1994 c 647 art 14 s 1; 1Sp1995 c 3 art 16 
 s 13