1.1 	A bill for an act
1.2 	relating to education finance; authorizing the sale of certain bonds;amending 
1.3 	Minnesota Statutes 2006, section 128D.11, subdivision 3.
1.4 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.5 	Section 1. Minnesota Statutes 2006, section 128D.11, subdivision 3, is amended to read:
1.6 		Subd. 3.No election. Subject to the provisions of subdivisions 7 to 10, the school 
1.7 	district may also by a two-thirds majority vote of all the members of its board of education 
1.8 	and without any election by the voters of the district, issue and sell in each calendar 
1.9 	year general obligation bonds of the district in an amount not to exceed 5-1/10 per cent 
1.10 	of the net tax capacity of the taxable property in the district (plus, for calendar years 
1.11 	1990 to 2003, an amount not to exceed $7,500,000, and for calendar years 2004 to 2008 
1.12 	an amount not to exceed $15,000,000, and for each calendar year after 2008, an amount 
1.13 	not to exceed $15,000,000; with an additional provision that any amount of bonds so 
1.14 	authorized for sale in a specific year and not sold can be carried forward and sold in 
1.15 	the year immediately following).

1.16 	EFFECTIVE DATE. This section is effective the day following final enactment.

1.17 	Sec. 2. BONDING AUTHORIZATION.
 1.18 	To provide funds for the acquisition or betterment of school facilities, Independent 
1.19 	School District No. 625, St. Paul, may by two-thirds majority vote of all the members 
1.20 	of the board of directors issue general obligation bonds in one or more series for each 
1.21 	calendar year following 2008, as provided in this section. The aggregate principal 
1.22 	amount of any bonds issued under this section for each calendar year must not exceed 
2.1 	$15,000,000. Issuance of the bonds is not subject to Minnesota Statutes, section 475.58 or 
2.2 	475.59. The bonds must otherwise be issued as provided in Minnesota Statutes, chapter 
2.3 	475. The authority to issue bonds under this section is in addition to any bonding authority 
2.4 	authorized by Minnesota Statutes, chapter 123B, or other law. The amount of bonding 
2.5 	authority authorized under this section must be disregarded in calculating the bonding 
2.6 	limit of Minnesota Statutes, chapter 123B, or any other law other than Minnesota Statutes, 
2.7 	section 475.53, subdivision 4.

2.8 	EFFECTIVE DATE. This section is effective the day following final enactment.

2.9 	Sec. 3. TAX LEVY FOR DEBT SERVICE.
 2.10 	To pay the principal of and interest on bonds issued under section 2, Independent 
2.11 	School District No. 625, St. Paul, must levy a tax annually in an amount sufficient 
2.12 	under Minnesota Statutes, section 475.61, subdivisions 1 and 3, to pay the principal of 
2.13 	and interest on the bonds. The tax authorized under this section is in addition to the 
2.14 	taxes authorized to be levied under Minnesota Statutes, chapter 123B, 124D, or 126C, or 
2.15 	other law.

2.16 	EFFECTIVE DATE. This section is effective the day following final enactment.