as introduced - 86th Legislature (2009 - 2010) Posted on 02/24/2010 04:40pm
A bill for an act
relating to education finance; extending school district transfer authority from
the reserved for operating capital account to the undesignated general fund;
amending Laws 2008, chapter 363, article 2, section 46, subdivision 1, as
amended.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Laws 2008, chapter 363, article 2, section 46, subdivision 1, as amended by
Laws 2009, chapter 96, article 5, section 11, is amended to read:
Notwithstanding any law to the contrary,
on June 30 of 2008, 2009, deleted text begin anddeleted text end 2010, new text begin 2011, and 2012, new text end 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 $51 times
the district's adjusted marginal cost pupil units for the second preceding fiscal year. This
transfer annually 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.