as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am
A bill for an act
relating to education finance; allowing districts in statutory operating debt to
make a fund transfer from its debt redemption fund; proposing coding for new
law in Minnesota Statutes, chapter 123B.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
new text begin
Notwithstanding sections 123B.79, 123B.80, and 475.61, subdivision 4, by August
31 of each year, a school district in statutory operating debt under section 123B.81 may
make a permanent transfer of all or part of its certified excess debt redemption fund balance
without a levy reduction to assist the district in decreasing its statutory operating debt.
new text end