Minnesota Statutes Education Code: Prekindergarten-Grade 12 (Ch. 120-129C) § 123B.60. Building bonds for calamities

Subdivision 1. Bonds. When a building owned by a district is substantially damaged by an act of God or other means beyond the control of the district, the district may issue general obligation bonds without an election to provide money immediately to carry out its adopted long-term facilities maintenance program. Each year the district must pledge an attributable share of its long-term facilities maintenance revenue to the repayment of principal and interest on the bonds. The pledged revenue must be recognized in the debt redemption fund of the district. The district must submit to the department the repayment schedule for any bonds issued under this section. The district must deposit in the debt redemption fund all proceeds received for specific costs for which the bonds were issued, including but not limited to:

Subd. 2. Repealed by Laws 2016, c. 189, art. 30, § 26, eff. July 1, 2016.