1997 Minnesota Statutes

     124.75 Repayment; maturity date of certificates; 
  interest.  

    The proceeds of the current tax levies and future state aid 
 receipts or other school funds which may become available shall 
 be applied to the extent necessary to repay such certificates 
 and the full faith and credit of the school district shall be 
 pledged to their payment.  Certificates issued in anticipation 
 of receipt of aids shall mature not later than the anticipated 
 date of receipt of the aids so anticipated as estimated by the 
 commissioner, but in no event later than three months after the 
 close of the school year in which issued.  Certificates issued 
 in anticipation of receipt of taxes shall mature not later than 
 the anticipated date of receipt in full of the taxes so 
 anticipated, but in no event later than three months after the 
 close of the calendar year in which issued.  The certificates 
 shall be sold at not less than par.  The certificates shall bear 
 interest after maturity until paid at the rate they bore before 
 maturity and any interest accruing before or after maturity 
 shall be paid from any available school funds.  

    HIST: 1963 c 371 s 5; 1969 c 874 s 1