1997 Minnesota Code
Chapters 120 - 129B Education Code: Prekindergarten - Grade 12
Chapter 124 Education Finance
Section 124.75 Repayment; maturity date of certificates; interest.
124.75 Repayment; maturity date of certificates; interest.
The proceeds of the current tax levies and future state aid receipts or other school funds which may become available shall be applied to the extent necessary to repay such certificates and the full faith and credit of the school district shall be pledged to their payment. Certificates issued in anticipation of receipt of aids shall mature not later than the anticipated date of receipt of the aids so anticipated as estimated by the commissioner, but in no event later than three months after the close of the school year in which issued. Certificates issued in anticipation of receipt of taxes shall mature not later than the anticipated date of receipt in full of the taxes so anticipated, but in no event later than three months after the close of the calendar year in which issued. The certificates shall be sold at not less than par. The certificates shall bear interest after maturity until paid at the rate they bore before maturity and any interest accruing before or after maturity shall be paid from any available school funds.
HIST: 1963 c 371 s 5; 1969 c 874 s 1
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