(a) In the event that a district or a cooperative unit defined in section 123A.24, subdivision 2, has insufficient funds to pay its usual lawful current obligations, subject to section 471.69, the board may enter into agreements with banks or any person to take its orders. Any order drawn, after having been presented to the treasurer for payment and not paid for want of funds shall be endorsed by the treasurer by putting on the back thereof the words "not paid for want of funds," giving the date of endorsement and signed by the treasurer. A record of such presentment, nonpayment and endorsement shall be made by the treasurer. The treasurer shall serve a written notice upon the payee or the payee's assignee, personally, or by mail, when the treasurer is prepared to pay such orders. The notice may be directed to the payee or the payee's assignee at the address given in writing by such payee or assignee to such treasurer, at any time prior to the service of such notice. No order shall draw any interest if such address is not given when the same is unknown to the treasurer, and no order shall draw any interest after the service of such notice.
(b) A district may enter, subject to section 471.69, into a line of credit agreement with a financial institution. The amount of credit available must not exceed 95 percent of average expenditure per month of operating expenditures in the previous fiscal year. Any amount advanced must be repaid no later than 45 days after the day of advancement.
Ex1959 c 71 art 5 s 6; 1965 c 69 s 2; 1967 c 761 s 1; 1986 c 444; 1Sp1995 c 3 art 1 s 6; 1998 c 397 art 6 s 114,124; art 11 s 3
Structure Minnesota Statutes
Chapters 120 - 129C — Education Code: Prekindergarten - Grade 12
Chapter 123B — School District Powers And Duties
Section 123B.01 — Definitions.
Section 123B.02 — General Powers Of Independent School Districts.
Section 123B.025 — School Sponsorship And Advertising Revenue.
Section 123B.03 — Background Check.
Section 123B.04 — Site Decision Making; Individualized Learning Agreement; Other Agreements.
Section 123B.045 — District-created Site-governed Schools.
Section 123B.06 — Evaluation Of Pupil Growth And Progress; Permanent Records.
Section 123B.07 — Missing Children; Voluntary Fingerprinting.
Section 123B.08 — Flag School Records Of Missing Children.
Section 123B.09 — Boards Of Independent School Districts.
Section 123B.10 — Publication Of Financial Information.
Section 123B.11 — Imprest Cash Funds.
Section 123B.12 — Insufficient Funds To Pay Orders.
Section 123B.13 — Land In Settlement Of Claim Against Surety.
Section 123B.14 — Officers Of Independent School Districts.
Section 123B.143 — Superintendent.
Section 123B.147 — Principals.
Section 123B.19 — Failure Of Auditor To Report.
Section 123B.195 — Board Members' Right To Employment.
Section 123B.20 — Dealing In School Supplies.
Section 123B.21 — Duty Of Officers To Report Violations Of Law.
Section 123B.22 — Combination To Control Prices.
Section 123B.23 — Liability Insurance; Officers And Employees.
Section 123B.24 — Legal Actions By Districts.
Section 123B.25 — Legal Actions Against Districts And Teachers.
Section 123B.28 — Records As Evidence.
Section 123B.29 — Sale At Auction.
Section 123B.30 — Improper Classification Of Pupils.
Section 123B.31 — Limitation Of Sections.
Section 123B.34 — Minnesota Public School Fee Law, Citation.
Section 123B.35 — General Policy.
Section 123B.36 — Authorized Fees.
Section 123B.37 — Prohibited Fees.
Section 123B.39 — Postsecondary Instructional Programs.
Section 123B.40 — Declaration Of Policy.
Section 123B.41 — Definitions.
Section 123B.43 — Use Of Individualized Instructional Materials.
Section 123B.44 — Provision Of Pupil Support Services.
Section 123B.445 — Nonpublic Education Council.
Section 123B.45 — Payments For Contractual Obligations.
Section 123B.46 — Administrative Costs.
Section 123B.47 — Notice To Districts; Proration.
Section 123B.48 — Limit On District Obligations.
Section 123B.49 — Extracurricular Activities; Insurance.
Section 123B.492 — Supervised Competitive High School Diving.
Section 123B.50 — Special School Districts, Laws Applicable.
Section 123B.51 — Schoolhouses And Sites; Uses For School And Nonschool Purposes; Closings.
Section 123B.53 — Debt Service Equalization Program.
Section 123B.535 — Natural Disaster Debt Service Equalization.
Section 123B.54 — Debt Service Appropriation.
Section 123B.55 — Debt Service Levy.
Section 123B.56 — Health, Safety, And Environmental Management.
Section 123B.57 — Health And Safety Projects.
Section 123B.571 — Radon Testing.
Section 123B.572 — Solar Panel Fire Safety.
Section 123B.58 — Disability Access And Fire Safety Improvements To School Buildings.
Section 123B.595 — Long-term Facilities Maintenance Revenue.
Section 123B.60 — Building Bonds For Calamities.
Section 123B.61 — Purchase Of Certain Equipment.
Section 123B.62 — Bonds For Certain Capital Facilities.
Section 123B.63 — Capital Project Referendum.
Section 123B.65 — Energy-efficiency Projects.
Section 123B.651 — Energy Use Reduction And Reporting For Public Schools.
Section 123B.67 — School Building Accessibility Capital Improvement Grant Act.
Section 123B.68 — Approval; Application Forms.
Section 123B.69 — Grant Application Process.
Section 123B.70 — School District Construction.
Section 123B.71 — Review And Comment For School District Construction.
Section 123B.72 — School Facility Commissioning.
Section 123B.74 — Eminent Domain.
Section 123B.744 — Agricultural Education.
Section 123B.747 — National Forest Land Funds, Handling And Disposition.
Section 123B.75 — Revenue; Reporting.
Section 123B.76 — Expenditures; Reporting.
Section 123B.77 — Accounting, Budgeting, And Reporting Requirement.
Section 123B.79 — Permanent Fund Transfers.
Section 123B.80 — Exceptions For Permanent Fund Transfers.
Section 123B.81 — Statutory Operating Debt.
Section 123B.82 — Reorganization Operating Debt.
Section 123B.83 — Expenditure Limitations.
Section 123B.85 — Definitions.
Section 123B.86 — Equal Treatment.
Section 123B.87 — Funds And Aids.
Section 123B.88 — Independent School Districts; Transportation.
Section 123B.885 — Diesel School Buses; Operation Of Engine; Parking.
Section 123B.90 — School Bus Safety Training.
Section 123B.91 — School District Bus Safety Responsibilities.
Section 123B.92 — Transportation Aid Entitlement.
Section 123B.93 — Advertising On School Buses.
Section 123B.94 — Common School Districts; Meetings, Elections.
Section 123B.95 — Boards Of Common School Districts.
Section 123B.97 — Schoolhouses And Sites; Common School Districts.