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　　123B.61 Purchase of certain equipment.

　　The board of a district may issue general obligation

　　certificates of indebtedness or capital notes subject to the

　　district debt limits to: (a) purchase vehicles, computers,

　　telephone systems, cable equipment, photocopy and office

　　equipment, technological equipment for instruction, and other

　　capital equipment having an expected useful life at least as

　　long as the terms of the certificates or notes; (b) purchase

　　computer hardware and software, without regard to its expected

　　useful life, whether bundled with machinery or equipment or

　　unbundled, together with application development services and

　　training related to the use of the computer; and (c) prepay

　　special assessments. The certificates or notes must be payable

　　in not more than five years and must be issued on the terms and

　　in the manner determined by the board, except that certificates

　　or notes issued to prepay special assessments must be payable in

　　not more than 20 years. The certificates or notes may be issued

　　by resolution and without the requirement for an election. The

　　certificates or notes are general obligation bonds for purposes

　　of section 126C.55. A tax levy must be made for the payment of

　　the principal and interest on the certificates or notes, in

　　accordance with section 475.61, as in the case of bonds. The

　　sum of the tax levies under this section and section 123B.62 for

　　each year must not exceed the lesser of the amount of the

　　district's total operating capital revenue or the sum of the

　　district's levy in the general and community service funds

　　excluding the adjustments under this section for the year

　　preceding the year the initial debt service levies are

　　certified. The district's general fund levy for each year must

　　be reduced by the sum of (1) the amount of the tax levies for

　　debt service certified for each year for payment of the

　　principal and interest on the certificates or notes issued under

　　this section as required by section 475.61, (2) the amount of

　　the tax levies for debt service certified for each year for

　　payment of the principal and interest on bonds issued under

　　section 123B.62, and (3) any excess amount in the debt

　　redemption fund used to retire bonds, certificates, or notes

　　issued under this section or section 123B.62 after April 1,

　　1997, other than amounts used to pay capitalized interest. If

　　the district's general fund levy is less than the amount of the

　　reduction, the balance shall be deducted first from the

　　district's community service fund levy, and next from the

　　district's general fund or community service fund levies for the

　　following year. A district using an excess amount in the debt

　　redemption fund to retire the certificates or notes shall report

　　the amount used for this purpose to the commissioner by July 15

　　of the following fiscal year. A district having an outstanding

　　capital loan under section 126C.69 or an outstanding debt

　　service loan under section 126C.68 must not use an excess amount

　　in the debt redemption fund to retire the certificates or notes.

　　HIST: 1988 c 718 art 8 s 6; 1989 c 222 s 26; 1Sp1995 c 3 art 5

　　s 5; 1996 c 412 art 5 s 3; 1Sp1997 c 4 art 4 s 9; 1998 c 397 art

　　7 s 37,164; art 11 s 3; 1999 c 241 art 4 s 9; 2002 c 379 art 1 s

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