MN SF1985

Allows school districts that received a maximum effort debt service loan before January 1, 1997, to repay the full outstanding original principal early, on or before July 1, 2013.

Upon early repayment, the school district's liability on the debt service loan is satisfied and discharged, and interest on the loan ceases.

Permits school districts making early repayment to transfer any remaining excess balance from their debt redemption fund to their building construction fund prior to July 1, 2013.

Becomes effective the day following final enactment.