Subdivision 1. Borrowing authority. The board of any school district may borrow money upon negotiable tax anticipation certificates of indebtedness, in the manner and subject to the limitations set forth in sections 126C.50 to 126C.56, for the purpose of anticipating general taxes already levied by the district for school purposes. The aggregate of the borrowing under this subdivision must never exceed 75 percent of the taxes which are due and payable in the calendar year, and as to which taxes no penalty for nonpayment or delinquency has attached. In determining the amount of taxes due and payable in the calendar year, any amounts paid by the state to replace such taxes, whether paid in that calendar year or not, must be included.
Subd. 2. Limitations. The board of any school district may also borrow money in the manner and subject to the limitations set forth in sections 126C.50 to 126C.56 in anticipation of receipt of state aids for schools as defined in Minnesota Statutes and of federal school aids to be distributed by or through the department. The aggregate of such borrowings under this subdivision shall never exceed 75 percent of such aids which are receivable by said school district in the fiscal year in which the money is borrowed, as estimated and certified by the commissioner.
Subd. 3. Intermediate school districts. (a) The board of an intermediate school district may borrow money in the manner and subject to the limitations set forth in sections 126C.50 to 126C.56 in anticipation of the receipt of:
(1) state aids for schools as defined in Minnesota Statutes;
(2) federal school aids to be distributed by or through the department; and
(3) membership fees and tuition payments from its member school districts.
The aggregate of such borrowings under this subdivision shall never exceed 75 percent of such aids, fees, and tuition payments which are receivable by the intermediate school district in the fiscal year in which the money is borrowed, as estimated and certified by the commissioner.
(b) The board of an intermediate school district may, upon receipt of a written resolution by each of its member school districts, pledge the member district's full faith and credit and unlimited taxing powers to repay each member district's pro rata share of any certificates issued or the amount paid by the state under section 126C.55, subdivision 2, plus interest, if the revenues specified in paragraph (a) and any other revenues of the intermediate school district are insufficient to do so.
1963 c 371 s 3; 1981 c 1 s 5; 1982 c 642 s 18; 1993 c 224 art 1 s 5; 1Sp1995 c 3 art 16 s 13; 1998 c 397 art 7 s 84,164; art 11 s 3; 2008 c 363 art 2 s 27,28
Structure Minnesota Statutes
Chapters 120 - 129C — Education Code: Prekindergarten - Grade 12
Chapter 126C — Education Funding
Section 126C.01 — Definitions.
Section 126C.05 — Definition Of Pupil Units.
Section 126C.10 — General Education Revenue.
Section 126C.12 — Learning And Development Revenue Amount And Use.
Section 126C.126 — Use Of General Education Revenue For All-day Kindergarten And Prekindergarten.
Section 126C.13 — General Education Aid.
Section 126C.15 — Basic Skills Revenue; Compensatory Education Revenue.
Section 126C.17 — Referendum Revenue.
Section 126C.19 — Shared Time Aid.
Section 126C.20 — Annual General Education Aid Appropriation.
Section 126C.21 — Deductions From General Education Aid.
Section 126C.40 — Capital Levies.
Section 126C.41 — Benefits Levies.
Section 126C.43 — Levies; Statutory Obligations.
Section 126C.44 — Safe Schools Levy.
Section 126C.445 — Tree Growth Replacement Revenue.
Section 126C.45 — Ice Arena Levy.
Section 126C.455 — Swimming Pool Levy.
Section 126C.46 — Abatement Levy.
Section 126C.48 — Levy Procedure.
Section 126C.50 — Tax And Aid Anticipation Borrowing; Definitions.
Section 126C.51 — Application Of Limiting Tax Legislation.
Section 126C.52 — Authority To Borrow Money; Limitations.
Section 126C.53 — Enabling Resolution; Form Of Certificates Of Indebtedness.
Section 126C.54 — Repayment; Maturity Date Of Certificates; Interest.
Section 126C.56 — Sale Of Certificates; Disbursement Of Proceeds.
Section 126C.60 — Loans To Distressed Districts.
Section 126C.61 — Citation, Maximum Effort School Aid Law.
Section 126C.62 — Policy And Purpose.
Section 126C.63 — Definitions.
Section 126C.64 — Net Debt; Determination.
Section 126C.65 — Fund Established; Division Into Accounts.
Section 126C.66 — Appropriation.
Section 126C.67 — School Loans.
Section 126C.69 — Capital Grants And Loans.
Section 126C.70 — Prepayments.