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HF 15

as introduced - 91st Legislature, 2020 1st Special Session (2019 - 2020) Posted on 06/12/2020 04:15pm

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 06/12/2020

Current Version - as introduced

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A bill for an act
relating to education finance; authorizing a fund transfer for Independent School
District No. 333, Ogilvie.

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

Section 1. new text begin OGILVIE SCHOOL DISTRICT FUND TRANSFER.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, section 123B.79, 123B.80, or 475.61, subdivision
4, on June 30, 2021, Independent School District No. 333, Ogilvie, may permanently transfer
up to $800,000 from its debt redemption fund to its undesignated general fund balance
without making a levy reduction. The school board must approve the fund transfer before
the reporting deadline for fiscal year 2021.
new text end

new text begin (b) The transfer in paragraph (a) may be made by the district only after the commissioner
of education certifies that the transfer does not increase state aid obligations. If the transfer
increases state aid obligations, the district may pay that amount to the state and transfer any
remaining balance according to paragraphs (a) and (c).
new text end

new text begin (c) Before making any transfers under this section, Independent School District No. 333,
Ogilvie, must demonstrate to the commissioner's satisfaction, in response to the
commissioner's negative fund balance trend letter or as part of the district's plan to address
its statutory operating debt, that the fund transfer will help the district regain an ongoing
positive general fund balance.
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