Subdivision 1. Purpose.
The intermediate school board, acting in its own behalf, may issue
bonds for the acquisition and betterment of school facilities or equipment or for the funding or
refunding of outstanding bonds, warrants, orders, or certificates of indebtedness.
Subd. 2. Chapter 475 applies.
Chapter 475 shall be applicable in all respects.
Subd. 3. Resolution.
The purpose and the amount of any borrowing shall first be approved
by resolution of the school board of the intermediate school district. When such resolution has
been adopted by the intermediate school board it shall be published once in a newspaper of
general circulation in said district.
Subd. 4. Referendum.
The intermediate school board shall not sell and issue bonds for
acquisition or betterment purposes until the question of their issuance has been submitted to the
voters of the intermediate school district at a special election held in and for such intermediate
district. The date of such election, the question to be submitted, and all other necessary conduct of
such election shall be fixed by the intermediate school board and said election shall be conducted
and canvassed under the direction of the intermediate school board in accordance with chapter
205A, insofar as the same may be deemed applicable.
If a majority of the total number of votes cast on the question within the intermediate school
district is in favor of the question, the intermediate school board may thereupon proceed with the
sale and the issuance of said bonds.
Subd. 5. Payment.
The full faith, credit and unlimited taxing powers of the intermediate
school district shall be pledged to the payment of all bonds and certificates of indebtedness, and
none of such obligations shall be included in the net debt of any participating school district as
defined by section
475.51, subdivision 4
, or any other law similar thereto.
Subd. 6. Tax for.
The intermediate school board upon awarding a contract for the sale of
such bonds shall certify to the county auditor or county auditors the years and amounts of taxes
required to be levied for the payment of such bonds as provided by section
. The county
auditor shall cause such taxes to be spread in each year until bonds and interest have been paid
upon all of the assessable, taxable valuation of said intermediate school district.
Subd. 7. Tax exempt securities.
In all other respects chapter 475, shall apply and said bonds
shall be deemed authorized securities within the provisions of section
, and shall be deemed
instruments of a public governmental agency.
Subd. 8. Expiration.
The intermediate school board may not issue bonds under this section
after July 1, 1994.
History: 1969 c 775 s 4; 1974 c 521 s 10; 1984 c 463 art 7 s 53 subd 1; 1985 c 210 art 1 s 4;
1989 c 209 art 2 s 16; 1994 c 647 art 6 s 32