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136D.281 BONDS.
    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. General law. 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 the 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 the intermediate
district. The date of the election, the question to be submitted, and all other necessary conduct
of the election shall be fixed by the intermediate school board. The election shall be conducted
and canvassed under the direction of the intermediate school board in accordance with chapter
205A, insofar as 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 proceed with the sale
and issuance of the bonds.
    Subd. 5. General obligation bonds. 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 the obligations shall be included in the net debt of any participating
school district as defined by section 475.51, subdivision 4, or any other similar law.
    Subd. 6. Levies for payment. The intermediate school board upon awarding a contract for
the sale of the bonds shall certify to the county auditor or county auditors the years and amounts
of taxes required to be levied for the payment of the bonds as provided by section 475.61. The
county auditor shall cause taxes to be spread in each year until bonds and interest have been paid
upon all of the assessable, taxable valuation of the intermediate school district.
    Subd. 7. Tax exempt securities. In all other respects chapter 475 shall apply and the bonds
shall be deemed authorized securities within the provisions of section 50.14 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: 1991 c 265 art 6 s 48; 1994 c 647 art 6 s 31