2000 Minnesota Statutes

     123B.63 Building construction down payment program. 

    Subdivision 1.    Creation of a down payment account.  A 
 district may create a down payment account as a separate account 
 in its construction fund.  All proceeds from the down payment 
 levy must be deposited in the capital expenditure fund and 
 transferred to this account.  Interest income attributable to 
 the down payment account must be credited to the account. 

    Subd. 2.    Uses of the account.  Money in the down 
 payment account must be used as a down payment for the future 
 costs of acquisition and betterment for a project that has been 
 reviewed under section 123B.71 and has been approved according 
 to subdivision 3. 

    Subd. 3.    Facilities down payment levy referendum.  A 
 district may levy the local tax rate approved by a majority of 
 the electors voting on the question to provide funds for a down 
 payment for an approved project.  The election must take place 
 no more than five years before the estimated date of 
 commencement of the project.  The referendum must be held on a 
 date set by the board.  A referendum for a project not receiving 
 a positive review and comment by the commissioner under section 
 123B.71 must be approved by at least 60 percent of the voters at 
 the election.  The referendum may be called by the school board 
 and may be held: 

    (1) separately, before an election for the issuance of 
 obligations for the project under chapter 475; or 

    (2) in conjunction with an election for the issuance of 
 obligations for the project under chapter 475; or 

    (3) notwithstanding section 475.59, as a conjunctive 
 question authorizing both the down payment levy and the issuance 
 of obligations for the project under chapter 475.  Any 
 obligations authorized for a project may be issued within five 
 years of the date of the election. 

    The ballot must provide a general description of the 
 proposed project, state the estimated total cost of the project, 
 state whether the project has received a positive or negative 
 review and comment from the commissioner, state the maximum 
 amount of the down payment levy as a percentage of net tax 
 capacity, state the amount that will be raised by that local tax 
 rate in the first year it is to be levied, and state the maximum 
 number of years that the levy authorization will apply. 

    The ballot must contain a textual portion with the 
 information required in this section and a question stating 
 substantially the following: 

    "Shall the down payment levy proposed by the board of 
 .......... School District No. .......... be approved?" 

    If approved, the amount provided by the approved local tax 
 rate applied to the net tax capacity for the year preceding the 
 year the levy is certified may be certified for the number of 
 years approved. 

    In the event a conjunctive question proposes to authorize 
 both the down payment levy and the issuance of obligations for 
 the project, appropriate language authorizing the issuance of 
 obligations must also be included in the question.  

    The district must notify the commissioner of the results of 
 the referendum. 

    Subd. 4.    Excess building construction fund levy 
 proceeds.  Any funds remaining in the down payment account 
 that are not applied to the payment of the costs of the approved 
 project before its final completion must be transferred to the 
 district's debt redemption fund.  

    HIST: 1988 c 718 art 8 s 18; 1988 c 719 art 5 s 84; 1989 c 329 
 art 13 s 4; 1Sp1989 c 1 art 2 s 11; 1Sp1995 c 3 art 16 s 13; 
 1998 c 397 art 7 s 95,96,164; art 11 s 3; 1999 c 241 art 4 s 29; 
 2000 c 464 art 3 s 9; 2000 c 489 art 5 s 19,27