HF 346

as introduced - 87th Legislature (2011 - 2012) Posted on 02/03/2011 10:44am

A bill for an act
relating to education; authorizing a transfer from the reserved for operating
capital account to the undesignated general fund; proposing coding for new law
in Minnesota Statutes, chapter 123B.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [123B.795] CAPITAL ACCOUNT TRANSFERS.
new text end

new text begin Notwithstanding sections 123B.79 and 123B.80, on June 30 of each year, a
school district may transfer money from its reserved for operating capital account to its
undesignated balance in the general fund. The amount transferred by any school district
must not exceed the product of one percent of the current year's formula allowance under
section 126C.10, subdivision 2, times the district's adjusted marginal cost pupil units for
the second preceding fiscal year. This transfer may occur only after the school board has
adopted a written resolution stating the amount of the transfer and declaring that the
school district's operating capital needs are being met.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end