Minnesota § 126C.56 SALE OF CERTIFICATES; DISBURSEMENT OF PROCEEDS

Minnesota Statutes

§ 126C.56 — SALE OF CERTIFICATES; DISBURSEMENT OF PROCEEDS

Minnesota § 126C.56

PartEDUCATION CODE: PREKINDERGARTEN - GRADE 12

Ch. 126CEDUCATION FUNDING

This text of Minnesota § 126C.56 (SALE OF CERTIFICATES; DISBURSEMENT OF PROCEEDS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

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Minn. Stat. § 126C.56 (2026).

Text

Subdivision 1.Public sale.
The clerk of the board shall give notice of the proposed sale as required by chapter 475. At the time and place so fixed, such certificates may be sold by the board, or its officers if authorized by the board, to the bidder who will agree to purchase the same on terms deemed most favorable to the district. Such certificates shall be executed and delivered as required by chapter 475. The money so received shall be disbursed solely for the purposes for which such taxes are levied or aids are receivable. The purchaser of such certificates shall not be obligated to see to such application of the proceeds.

Subd. 2.Public sale exception.
Public sale of tax and aid anticipation certificates of indebtedness according to subdivision 1 shall not be required (1) if the pr

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Subdivision 1.Public sale.
The clerk of the board shall give notice of the proposed sale as required by chapter 475. At the time and place so fixed, such certificates may be sold by the board, or its officers if authorized by the board, to the bidder who will agree to purchase the same on terms deemed most favorable to the district. Such certificates shall be executed and delivered as required by chapter 475. The money so received shall be disbursed solely for the purposes for which such taxes are levied or aids are receivable. The purchaser of such certificates shall not be obligated to see to such application of the proceeds.

Subd. 2.Public sale exception.
Public sale of tax and aid anticipation certificates of indebtedness according to subdivision 1 shall not be required (1) if the proposed borrowing is in an amount less than $400,000, and if the sum of all outstanding tax and aid anticipation certificates issued by the board within the preceding six months does not exceed $400,000 or, (2) if the certificates mature no later than 13 months after their date of issue. If no public sale is held, the certificates of indebtedness may be sold in accordance with the most favorable of two or more proposals solicited privately or the interest rates may be determined by direct negotiation.