Bill Text: MN SF2471 | 2011-2012 | 87th Legislature | Engrossed

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Bill Title: School district debt limits provisions and bonding election timing provisions modifications

Sponsorship: Partisan Bill (Republican 2)

Status: (Introduced - Dead) 2012-03-19 - Comm report: To pass as amended and re-refer to Local Government and Elections [SF2471 Detail]

Download: Minnesota-2011-SF2471-Engrossed.html

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A bill for an act

relating to education; modifying certain bonding election timing provisions for
school districts;amending Minnesota Statutes 2010, sections 475.53, subdivision
5; 475.58, by adding a subdivision.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

    Section 1. Minnesota Statutes 2010, section 475.53, subdivision 5, is amended to read:
    Subd. 5. Certain independent school districts. No independent school district
located wholly or partly within a city of the first class shall issue obligations with a term
of more than two years, whenever the aggregate of the outstanding obligations of the
district equals or exceeds 0.7 percent of the market value of the taxable property within
the school district.

    Sec. 2. Minnesota Statutes 2010, section 475.58, is amended by adding a subdivision
to read:
    Subd. 1b. School districts. A school district election under this section must be
held on the first Tuesday after the first Monday in November.