Bill Text: MN SF1985 | 2011-2012 | 87th Legislature | Introduced
Bill Title: School district maximum effort debt service loan early repayment authorization
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2012-02-20 - Referred to Education [SF1985 Detail]
Download: Minnesota-2011-SF1985-Introduced.html
1.2relating to education finance; authorizing early repayment of maximum effort
1.3debt service loans.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. MAXIMUM EFFORT DEBT SERVICE LOANS; EARLY
1.6REPAYMENT AUTHORIZED.
1.7(a) A school district that received a maximum effort debt service loan prior to
1.8January 1, 1997, may repay the full outstanding original principal on its debt service loan
1.9prior to July 1, 2013, and the liability of the district on the debt service loan is satisfied and
1.10discharged and interest on the loan ceases.
1.11(b) A school district making a payment under this section may transfer any
1.12remaining excess balance from its debt redemption fund to the building construction
1.13fund prior to July 1, 2013.
1.14EFFECTIVE DATE.This section is effective the day following final enactment.
1.3debt service loans.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. MAXIMUM EFFORT DEBT SERVICE LOANS; EARLY
1.6REPAYMENT AUTHORIZED.
1.7(a) A school district that received a maximum effort debt service loan prior to
1.8January 1, 1997, may repay the full outstanding original principal on its debt service loan
1.9prior to July 1, 2013, and the liability of the district on the debt service loan is satisfied and
1.10discharged and interest on the loan ceases.
1.11(b) A school district making a payment under this section may transfer any
1.12remaining excess balance from its debt redemption fund to the building construction
1.13fund prior to July 1, 2013.
1.14EFFECTIVE DATE.This section is effective the day following final enactment.
