Capital Loan Report. Report to the Legislature. As required by Minnesota Statutes, section 126C.69, subdivision 8
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1 This document is made available electronically by the Minnesota Legislative Reference Library as part of an ongoing digital archiving project. Capital Loan Report Report to the Legislature As required by Minnesota Statutes, section 126C.69, subdivision 8
2 For more information: Tom Melcher Division of School Finance Minnesota Department of Education 1500 Highway 36 West Roseville, MN (651) education.state.mn.us As requested by Minnesota Statutes, section 3.197: This report cost approximately $ to prepare, including staff time, printing and mailing expenses. Upon request, this material will be made available in an alternative format such as large print, braille or audio recording.
3 Table of Contents For more information:...2 Legislative Charge...4 Capital Loan Account Balances...4 Executive Summary...4 Conclusion...5 Table 1 Maximum Effort Loan Active Status as of December 15, Table 2 Capital Loan Cancellations from 7/22/2007 to 12/15/ Table 3 Maximum Effort Loan Aid Minnesota Statutes, section 477A Table 4 Incentive Grant Payments for Retirement of Capital Loans... 14
4 Legislative Charge Minnesota Statutes, section 126C.69, subdivision 8, reads as follows: Subdivision 8. Recommendations of the commissioner. The commissioner shall examine and consider applications for capital loans that have been approved and promptly notify any district rejected of the decision. The commissioner shall report each capital loan that has been approved by the commissioner and that has received voter approval to the education committees of the legislature by January 1 of each even-numbered year. The commissioner must not report a capital loan that has not received voter approval. The commissioner shall also report on the money remaining in the capital loan account and, if necessary, request that another bond issue be authorized. Capital Loan Account Balances As of December 15, 2017, there were no active capital loan construction projects and no account balances remaining for future capital loans. Executive Summary Provisions for the school district capital loan program that provides facility funding for qualifying districts are included in the Maximum Effort School Aid Law in Minnesota Statutes, section 126C.60 to 126C.72. A school district is eligible for a capital loan if the estimated net debt service tax rate, computed after debt equalization aid and assuming a 20-year maturity schedule for new debt, is greater than percent of adjusted net tax capacity (Minnesota Statutes 126C.69, subdivision 2). An eligible district must: submit a facility proposal for review and comment by July 1 of odd-numbered year; submit a project predesign package comparable to those required by Minnesota Statutes, section 16B.335; receive positive review and comment from the commissioner; submit a formal capital loan application by September 1; and, receive voter approval of the approved project by January 1. The commissioner reviews applications for projects receiving positive review and comment and may accept or reject loan applications. No applications have been received and approved by the commissioner for consideration by the 2018 Legislature. However, MDE has received a facilities grant request, not under the capital loan program, of $28,342,746 from Red Lake Independent School District #38 for the predesign, design, construction of additions, renovation, furnishing and equipping of Red Lake Elementary School and Red Lake Early Childhood Center. Capital Loan Report
5 Conclusion Following are summaries of current outstanding capital and debt service loans under Minnesota Statutes, section 126C.60-72, capital loans cancelled after 30 years, and capital loans fully satisfied by repayment of the original loan with forgiveness of current and accrued interest under the provisions of 2011 and 2016 laws. Also attached is a summary of the Maximum Effort Loan Aid program under Minnesota Statutes, section 477A.09 and a summary of the Incentive Grant Payments under 2016 Minnesota Laws, chapter 189, article 30, section 25, subdivision 5, and 2017 Minnesota Laws, 1st special session, chapter 5, article 5, section 11 for the retirement of capital loans. Capital Loan Report
6 Table 1 Maximum Effort Loan Active Status as of December 15, 2017 District Number and Name Date Granted or Last Amended Capital Loan Cancel Date Initial Capital Loan Out Dec 15, 2017 Capital Loan Balance Dec 15, 2017 Initial Debt Service Loan Out Dec 2017 Debt Service Loan Balance Dec 2017 District 38, Red Lake Capital Loan #1 18-Jun Jun-42 10,000, ,419, Capital Loan #2 12-Jan Jan-51 11,165, ,761, Capital Loan #3 2-Oct-02 2-Oct-52 11,736, ,404, Capital Loan #4 15-Feb Feb-56 18,391, ,751, Capital Loan #5 27-Apr Apr-65 5,318, ,601, Subtotal District 38 Capital Loans n/a n/a 56,612, ,937, District 51, Foley Debt Service Loans , , Capital Loan 27-Jun Jun-19 4,852, ,608, District 333, Ogilvie Capital Loan Report
7 District Number and Name Date Granted or Last Amended Capital Loan Cancel Date Initial Capital Loan Out Dec 15, 2017 Capital Loan Balance Dec 15, 2017 Initial Debt Service Loan Out Dec 2017 Debt Service Loan Balance Dec 2017 Capital Loan 27-Apr Apr-20 11,341, ,701, District 707, Nett Lake Capital Loan #1 7-Jul-94 7-Jul-44 7,824, ,653, Capital Loan #2 24-Oct Oct-56 10,695, ,287, Subtotal Dist 707 Capital Loans n/a n/a 18,519, ,941, State Total n/a n/a 91,326, ,188, , , Table 2 Capital Loan Cancellations from 7/22/2007 to 12/15/2017 District Number and Name Date Granted Cancel Date Original Loan Defaulted Current Total Capital Loan 363 So Kooch-RR (1 st portion) 22-Jul Jul-07 7,012, ,975, , ,614, Bertha-Hewitt 1-Jul-80 1-Jul , ,070, , ,101, Big Lake (1 st loan) 9-Jan-81 9-Jan-11 1,685, ,434, , ,129, Capital Loan Report
8 District Number and Name Date Granted Cancel Date Original Loan Defaulted Current Total Capital Loan 2 Hill City 9-Jun-81 9-Jun-11 4,371, ,377, , ,202, So Kooch-RR (2 nd portion) 22-Dec Aug , , , St. Michael-Albertville 21-Mar-91 9-Nov ,309, ,627, ,937, Farmington 11-Jul Nov ,669, ,132, ,802, Redwood Falls 30-May Nov ,737, ,047, ,785, Lake of the Woods 4-Apr Dec ,388, ,388, Big Lake (2 nd loan) 24-Jul Apr ,194, , ,599, Barnum* 1-Mar-82 1-Mar-12 3,710, ,947, , ,844, Warroad* 6-Mar-86 6-Mar-16 1,295, ,803, , ,253, Cromwell 30-Jul Oct ,967, , ,423, Littlefork 12-Nov Oct ,703, , ,466, Kelliher 12-Nov-96 8-Nov ,882, , ,716, Capital Loan Report
9 District Number and Name Date Granted Cancel Date Original Loan Defaulted Current Total Capital Loan 306 Laporte 12-Nov Oct , , , Caledonia 20-Sep Nov ,823, , ,389, East Central 27-Dec Nov ,471, ,951, ,422, Roseau 29-Oct Nov ,885, ,006, ,891, Total n/a n/a 19,027, ,504, ,435, ,967, *District pay-offs of the Debt Service Loans for Districts 91 and 690 occurred after their capital loan cancellation. Repayments per Laws SP, CH. 11, Art. 4, Sec. 8 District Number and Name Date Granted Date Retired Capital Loan District Payoff Total Cap Loan Debt Service Loan Pay-off Total Maximum Effort Pay-off 192 Farmington 11-Jul Nov-11 8,826, ,802, , ,907, So Kooch-RR (2 nd portion) 22-Dec Aug-11 61, , , Lake of the Woods 4-Apr Dec-11 8,000, ,388, , ,080, Capital Loan Report
10 District Number and Name Date Granted Date Retired Capital Loan District Payoff Total Cap Loan Debt Service Loan Pay-off Total Maximum Effort Pay-off 727 Big Lake (2 nd loan) 24-Jul Apr-12 9,770, ,599, ,770, St. Michael-Albertville 21-Mar-91 9-Nov-11 9,800, ,937, ,800, Redwood Falls 30-May Nov-11 5,837, ,785, , ,928, Total under 2011 Laws n/a n/a 42,295, ,674, , ,547, Repayments per Laws 2016, CH. 189, Art. 30, Sec. 22 District Number and Name Date Granted Date Retired Capital Loan District Pay-off Total Capital Loan Debt Service Loan Pay-off Total Maximum Effort Pay-off 36 Kelliher 12-Nov-96 8-Nov-16 6,900, ,716, ,900, Cromwell 30-Jul Oct-16 3,212, ,423, , ,404, Caledonia 20-Sep Nov-16 13,135, ,389, ,135, Laporte 21-Jun-01 8-Nov-16 2,700, , ,700, Littlefork 12-Nov Oct-16 7,000, ,466, ,000, Capital Loan Report
11 District Number and Name Date Granted Date Retired Capital Loan District Pay-off Total Capital Loan Debt Service Loan Pay-off Total Maximum Effort Pay-off 682 Roseau 29-Oct Nov-16 8,299, ,891, , ,486, East Central 27-Dec Nov-16 19,000, ,422, ,000, Total under 2016 Laws n/a n/a 60,248, ,147, , ,626, Capital Loan Report
12 Table 3 Maximum Effort Loan Aid Minnesota Statutes, section 477A.09 Aid payments start in FY 2018 and the levy impact may start with a Payable 2018 levy limitation reduction. Aid payments will be paid by the state for five years. District Number and Name Capital/Debt Service Loan Current/Capitalized paid to state to June 2016 Estimated Capital Loan Current/Capitalized to be paid to state (July 2017-June 2021)* Total Estimated/Actual Loan Current and Capitalized for specified dates Estimated FY 2018 Maximum Effort Loan Aid (20% of Previous Column) 38, Red Lake 114, , , , , Foley 1,672, ,672, , , Cromwell 129, , , , Caledonia 6,357, ,357, ,271, Laporte 1,326, ,326, , , Ogilvie 879, ,020, ,899, , , Littlefork 165, , , , Roseau 2,597, ,597, , , Nett Lake 307, , , , , East Central 1,531, ,531, , Capital Loan Report
13 District Number and Name Capital/Debt Service Loan Current/Capitalized paid to state to June 2016 Estimated Capital Loan Current/Capitalized to be paid to state (July 2017-June 2021)* Total Estimated/Actual Loan Current and Capitalized for specified dates Estimated FY 2018 Maximum Effort Loan Aid (20% of Previous Column) TOTAL 15,083, ,181, ,264, ,252, *District estimate of capital loan interest to be paid to State. Applies only to Districts 38, 51, 333 and 707. Will be adjusted to actual (June 2017 to June 2021) capital loan interest paid to state. Payable 2018 actual levy limitation reductions. Levy reductions will occur within 20 years. District Number and Name General Debt Service (Fund 7) General Fund (Fund 1) Community Service Fund (Fund 4) Total All Funds 38, Red Lake 4, , , Foley 669, , , Cromwell 25, , , Caledonia 592, , Laporte 110, , , Ogilvie 400, , , Littlefork 33, , Capital Loan Report
14 District Number and Name General Debt Service (Fund 7) General Fund (Fund 1) Community Service Fund (Fund 4) Total All Funds 682, Roseau 0 will start with Payable , Nett Lake 38, , , East Central 0 will start with Payable TOTAL 1,875, ,876, Table 4 Incentive Grant Payments for Retirement of Capital Loans 2016 Laws, chapter 189, article 30, section 25, subdivision 5 and 2017 Laws 1st special session, chapter 5, article 5, section 11 State appropriation language: 2017 Laws, 1st special session, chapter 5, article 5, section 14, subdivision 5 District Number and Name FY 2017 Annual Amount FY 2017 to FY 2021 Total Grant Amount 36, Kelliher 150, ,000 95, Cromwell 180, , , Caledonia 495,000 2,475, , Laporte 220,000 1,100, , Littlefork 150, ,000 Capital Loan Report
15 District Number and Name FY 2017 Annual Amount FY 2017 to FY 2021 Total Grant Amount 682, Roseau 650,000 3,250, , East Central 505,000 2,525,000 TOTAL 2,350,000 11,750,000 Capital Loan Report
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