1997 Minnesota Statutes

     124.476 Bond issue, maximum effort school loans; 1980. 

    For the purpose of providing moneys to be loaned to school 
 districts as agencies and political subdivisions of the state 
 for the acquisition and betterment of public land and buildings 
 and other public improvements of a capital nature, in the manner 
 provided by the maximum effort school aid law, the commissioner 
 of finance is directed to issue and sell school loan bonds of 
 the state of Minnesota in the maximum amount of $20,000,000, in 
 addition to the bonds heretofore authorized for this purpose, 
 which amount is appropriated to the maximum effort school loan 
 fund and shall be expended under the direction of the 
 commissioner of children, families, and learning for the making 
 of debt service loans and capital loans to school districts as 
 provided in sections 124.36 to 124.46.  These bonds shall be 
 issued and sold and provision for their payment shall be made in 
 accordance with section 124.46, and an amount sufficient to pay 
 interest on the bonds to and including July 1 in the second year 
 after the date of issue shall be credited from the bond proceeds 
 to the school loan bond account in the state bond fund.  Any 
 expenses incidental to the sale, printing, execution, and 
 delivery of the bonds, including, but without limitation, actual 
 and necessary travel and subsistence expenses of state officers 
 and employees for those purposes, shall be paid from the maximum 
 effort school loan fund, and the amounts necessary for the 
 expenses are appropriated from it. 

    HIST: 1980 c 545 s 4; 1981 c 358 art 9 s 13; 1994 c 465 art 2 
 s 1; 1Sp1995 c 3 art 16 s 13