1.1                          A bill for an act 
  1.2             relating to education finance; authorizing a special 
  1.3             levy for independent school district No. 316, 
  1.4             Coleraine.  
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [OPERATING DEBT LEVY FOR COLERAINE SCHOOL 
  1.7   DISTRICT.] 
  1.8      Subdivision 1.  [OPERATING DEBT ACCOUNT.] On July 1, 2003, 
  1.9   independent school district No. 316, Coleraine, shall establish 
  1.10  a reserved account in the general fund.  The balance in the 
  1.11  account shall equal the unreserved undesignated fund balance in 
  1.12  the operating funds of the district as of June 30, 2003. 
  1.13     Subd. 2.  [LEVY.] For taxes payable in each of the years 
  1.14  2004 through 2013, the district may levy an amount up to ten 
  1.15  percent of the balance in the account on July 1, 2003.  The 
  1.16  balance in the account shall be adjusted each year by the amount 
  1.17  of the proceeds of the levy.  The proceeds of the levy shall be 
  1.18  used only for cash flow requirements and shall not be used to 
  1.19  supplement district revenues or income for the purposes of 
  1.20  increasing the district's expenditures or budgets. 
  1.21     Subd. 3.  [NO LOCAL APPROVAL.] Pursuant to Minnesota 
  1.22  Statutes, section 645.023, subdivision 1, paragraph (a), this 
  1.23  section is effective without local approval. 
  1.24     <b>[EFFECTIVE DATE.]</b> This section is effective July 1, 2003.