1.1 	A bill for an act
1.2 	relating to education finance; increasing the aid payment percentage from 90 
1.3 	percent to 95 percent;amending Minnesota Statutes 2006, section 127A.45, 
1.4 	subdivision 2.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2006, section 127A.45, subdivision 2, is amended to 
1.7 	read:
1.8 		Subd. 2.Definitions. (a) The term "other district receipts" means payments by 
1.9 	county treasurers pursuant to section 276.10, apportionments from the school endowment 
1.10 	fund pursuant to section 127A.33, apportionments by the county auditor pursuant to 
1.11 	section 127A.34, subdivision 2, and payments to school districts by the commissioner of 
1.12 	revenue pursuant to chapter 298.
1.13 	(b) The term "cumulative amount guaranteed" means the product of
1.14 	(1) the cumulative disbursement percentage shown in subdivision 3; times
1.15 	(2) the sum of
1.16 	(i) the current year aid payment percentage of the estimated aid and credit 
1.17 	entitlements paid according to subdivision 13; plus
1.18 	(ii) 100 percent of the entitlements paid according to subdivisions 11 and 12; plus
1.19 	(iii) the other district receipts.
1.20 	(c) The term "payment date" means the date on which state payments to districts 
1.21 	are made by the electronic funds transfer method. If a payment date falls on a Saturday, 
1.22 	a Sunday, or a weekday which is a legal holiday, the payment shall be made on the 
1.23 	immediately preceding business day. The commissioner may make payments on dates 
1.24 	other than those listed in subdivision 3, but only for portions of payments from any 
2.1 	preceding payment dates which could not be processed by the electronic funds transfer 
2.2 	method due to documented extenuating circumstances.
2.3 	(d) The current year aid payment percentage equals 90 95.

2.4 	EFFECTIVE DATE. This section is effective for revenue for fiscal year 2008.