MN SF3294

Extends the repayment period for school district lines of credit from 45 days to 120 days after advancement by amending Minnesota Statutes section 123B.12(b)

Allows tax or aid anticipation of credit certificates to be issued for up to two years instead of the current timeframe by amending Minnesota Statutes section 126C.54

Applies to school districts and cooperative units defined in section 123A.24, subdivision 2, that have insufficient funds to pay lawful current obligations

Maintains the credit line limit of four times 95 percent of average monthly operating expenditures from the previous fiscal year

Preserves existing requirements for certificate repayment from current tax levies and future state aid receipts with full faith and credit pledged by the district