1.1                          A bill for an act 
  1.2             relating to education; approving maximum effort 
  1.3             capital loans for certain school districts; 
  1.4             authorizing the sale of bonds; appropriating money. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [MAXIMUM EFFORT CAPITAL LOANS.] 
  1.7      Subdivision 1.  [INDEPENDENT SCHOOL DISTRICT NO. 38, RED 
  1.8   LAKE.] $11,166,296 is appropriated from the maximum effort 
  1.9   school loan fund to the commissioner of children, families, and 
  1.10  learning to make a capital loan to independent school district 
  1.11  No. 38, Red Lake.  $11,166,296 is approved for a capital loan to 
  1.12  independent school district No. 38, Red Lake. 
  1.13     Subd. 2.  [INDEPENDENT SCHOOL DISTRICT NO. 115, CASS 
  1.14  LAKE.] $7,505,000 is appropriated from the maximum effort school 
  1.15  loan fund to the commissioner of children, families, and 
  1.16  learning to make a capital loan to independent school district 
  1.17  No. 115, Cass Lake.  $7,505,000 is approved for a capital loan 
  1.18  to independent school district No. 115, Cass Lake. 
  1.19     Subd. 3.  [INDEPENDENT SCHOOL DISTRICT NO. 299, 
  1.20  CALEDONIA.] $14,133,788 is appropriated from the maximum effort 
  1.21  school loan fund to the commissioner of children, families, and 
  1.22  learning to make a capital loan to independent school district 
  1.23  No. 299, Caledonia.  $14,133,788 is approved for a capital loan 
  1.24  to independent school district No. 299, Caledonia. 
  1.25     Subd. 4.  [INDEPENDENT SCHOOL DISTRICT NO. 306, 
  2.1   LAPORTE.] $7,200,000 is appropriated from the maximum effort 
  2.2   school loan fund to the commissioner of children, families, and 
  2.3   learning to make a capital loan to independent school district 
  2.4   No. 306, LaPorte.  $7,200,000 is approved for a capital loan to 
  2.5   independent school district No. 306, LaPorte.  
  2.6      Subd. 5.  [INDEPENDENT SCHOOL DISTRICT NO. 914, 
  2.7   ULEN-HITTERDAHL.] $4,025,000 is appropriated from the maximum 
  2.8   effort school loan fund to the commissioner of children, 
  2.9   families, and learning to make a capital loan to independent 
  2.10  school district No. 914, Ulen-Hitterdahl.  $4,025,000 is 
  2.11  approved for a capital loan to independent school district No. 
  2.12  914, Ulen-Hitterdahl. 
  2.13     Subd. 6.  [BONDS.] To provide the money appropriated by 
  2.14  this section from the maximum effort school loan fund, the 
  2.15  commissioner of finance shall sell and issue bonds of the state 
  2.16  in an amount up to $44,100,000 in the manner, on the terms, and 
  2.17  with the effect prescribed by Minnesota Statutes, sections 
  2.18  16A.631 to 16A.675, and by the Minnesota Constitution, article 
  2.19  XI, sections 4 to 7.  The proceeds of the bonds, except accrued 
  2.20  interest and any premium received on the sale of the bonds, must 
  2.21  be credited to a bond proceeds account in the maximum effort 
  2.22  school loan fund.  
  2.23     Sec. 2.  [EFFECTIVE DATE.] 
  2.24     Section 1 is effective the day following final enactment.