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School District Question 1 (ISD #038)
APPROVAL OF SCHOOL DISTRICT TO INCUR INDEBTEDNESS WITH A MAXIMUM EFFORT CAPITAL LOAN
Shall the School Board of Independent School District No. 38, Red Lake Minnesota be authorized to incur indebtedness of the District in the amount not to exceed $35,042,475 for the purpose of Building, Renovations, Additions, Remodeling, and Demolition to the High School, Middle School, Red Lake and Ponemah Elementary Schools and Red Lake Early Childhood Center by applying for a loan from the State of Minnesota’s maximum effort school loan fund in such amount as may be available to the District? APPROVAL OF THIS QUESTION DOES NOT GUARANTEE THAT THE SCHOOL DISTRICT WILL RECEIVE A CAPITAL LOAN FROM THE STATE. THE LOAN MUST BE APPROVED BY THE STATE LEGISLATURE AND IS DEPENDENT ON AVAILABLE FUNDING. Approve Maximum Effort Loan of $35,042,475 for school district buildings?
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