1.1 	A bill for an act
1.2 	relating to education finance; allowing Independent
1.3 	School District No. 345, New London-Spicer, to
1.4 	transfer future balances in its debt redemption fund
1.5 	to its general fund.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. FUND TRANSFER, NEW LONDON-SPICER.
 1.8 	(a) Notwithstanding Minnesota Statutes, sections 123B.79,
1.9 	123B.80, and 475.61, subdivision 4, Independent School District
1.10 	No. 345, New London-Spicer, may permanently transfer up to
1.11 	$150,000 each year for five years from its debt redemption fund
1.12 	to its general fund without making a levy reduction for the
1.13 	purpose of replacing the roof on the Prairie Woods Elementary
1.14 	School.  The district must make its initial transfer according
1.15 	to this section on June 30, 2005.  The subsequent four transfers
1.16 	must be made on June 30 of each subsequent year.
1.17 	(b) Prior to making the fund transfer, Independent School
1.18 	District No. 345, New London-Spicer, must demonstrate to the
1.19 	commissioner's satisfaction that the district has sufficient
1.20 	funding in its debt redemption fund to satisfy its outstanding
1.21 	debt obligations.

1.22 	EFFECTIVE DATE. This section is effective the day
1.23 	following final enactment.