1999 Minnesota Statutes

     123B.62 Bonds for certain capital facilities. 

    (a) In addition to other bonding authority, with approval 
 of the commissioner, a district may issue general obligation 
 bonds for certain capital projects under this section.  The 
 bonds must be used only to make capital improvements including: 

    (1) under section 126C.10, subdivision 14, total operating 
 capital revenue uses specified in clauses (4), (6), (7), (8), 
 (9), and (10); 

    (2) the cost of energy modifications; 

    (3) improving handicap accessibility to school buildings; 
 and 

    (4) bringing school buildings into compliance with life and 
 safety codes and fire codes.  

    (b) Before a district issues bonds under this subdivision, 
 it must publish notice of the intended projects, the amount of 
 the bond issue, and the total amount of district indebtedness.  

    (c) A bond issue tentatively authorized by the board under 
 this subdivision becomes finally authorized unless a petition 
 signed by more than 15 percent of the registered voters of the 
 district is filed with the school board within 30 days of the 
 board's adoption of a resolution stating the board's intention 
 to issue bonds.  The percentage is to be determined with 
 reference to the number of registered voters in the district on 
 the last day before the petition is filed with the board.  The 
 petition must call for a referendum on the question of whether 
 to issue the bonds for the projects under this section.  The 
 approval of 50 percent plus one of those voting on the question 
 is required to pass a referendum authorized by this section. 

    (d) The bonds must be paid off within ten years of 
 issuance.  The bonds must be issued in compliance with chapter 
 475, except as otherwise provided in this section.  A tax levy 
 must be made for the payment of principal and interest on the 
 bonds in accordance with section 475.61.  The sum of the tax 
 levies under this section for each year must not exceed the 
 amount of the district's total operating capital revenue for the 
 year the initial debt service levies are certified.  The 
 district's general education levy for each year must be reduced 
 by the sum of (1) the amount of the tax levies for debt service 
 certified for each year for payment of the principal and 
 interest on the bonds, and (2) any excess amount in the debt 
 redemption fund used to retire bonds issued after April 1, 1997, 
 other than amounts used to pay capitalized interest.  A district 
 using an excess amount in the debt redemption fund to retire the 
 bonds shall report the amount used for this purpose to the 
 commissioner by July 15 of the following fiscal year.  A 
 district having an outstanding capital loan under section 
 126C.69 or an outstanding debt service loan under section 
 126C.68 must not use an excess amount in the debt redemption 
 fund to retire the bonds. 

    (e) Notwithstanding paragraph (d), bonds issued by a 
 district within the first five years following voter approval of 
 a combination according to section 123A.37, subdivision 2, must 
 be paid off within 20 years of issuance.  All the other 
 provisions and limitation of paragraph (d) apply. 

    HIST: 1993 c 224 art 5 s 11; 1Sp1995 c 3 art 5 s 6; 1996 c 412 
 art 5 s 4; 1Sp1997 c 4 art 4 s 10; 1998 c 397 art 7 s 38,164; 
 art 11 s 3