1997 Minnesota Statutes

     124.44 Prepayments.  

    Any school district may at any time pay the entire 
 principal or part thereof and interest then due on a note or 
 contract held by the state, out of any moneys not needed for 
 school purposes, and may issue and sell its refunding bonds in 
 accordance with chapter 475, for such purpose, by actions of its 
 school board and without the necessity of a vote by its 
 electors, if such refunding bonds plus its net debt does not 
 exceed the debt limit prescribed by said chapter 475.  Any such 
 refunding bonds may bear interest at a rate or rates higher or 
 lower than the rate payable on the loan or loans refunded 
 thereby.  

    HIST: Ex1959 c 27 s 9; 1961 c 752 s 7