1997 Minnesota Code
Chapters 120 - 129B Education Code: Prekindergarten - Grade 12
Chapter 124 Education Finance
Section 124.472 Bond issue, maximum effort school loans; 1965.

124.472 Bond issue, maximum effort school loans; 1965.

For the purpose of providing money to be loaned to school districts as agencies and political subdivisions of the state for the acquisition and betterment of public land and buildings and other public improvements of a capital nature, in the manner provided by the maximum effort school aid law, the state auditor is directed to issue and sell school loan bonds of the state of Minnesota in the maximum amount of $10,400,000, which amount is appropriated to the maximum effort school loan fund and shall be expended under the direction of the school loan committee for the making of debt service loans and capital loans to school districts as provided in sections 124.36 to 124.46. These bonds shall be issued and sold and provision for the payment thereof shall be made in accordance with section 124.46, and an amount sufficient to pay interest on the bonds to and including July 1 in the second year after the date of issue shall be credited from the bond proceeds to the school loan bond account in the state bond fund. Any expenses incidental to the sale, printing, execution, and delivery of the bonds, including, but without limitation, actual and necessary travel and subsistence expenses of state officers and employees for such purposes, shall be paid from the maximum effort school loan fund, and the amounts necessary therefor are appropriated from such fund.

HIST: 1965 c 875 s 14; 1987 c 384 art 2 s 34; 1994 c 465 art 2 s 1