1.1 	A bill for an act
1.2 	relating to education finance; indexing the operating referendum equalizing factor; 
1.3 	increasing the state aid for operating referendums;amending Minnesota Statutes 
1.4 	2019 Supplement, section 126C.17, subdivision 6.
1.5 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.6 	Section 1. Minnesota Statutes 2019 Supplement, section 126C.17, subdivision 6, is amended 
1.7 	to read:
1.8 		Subd. 6.Referendum equalization levy. (a) A district's referendum equalization levy 
1.9 	equals the sum of the first tier referendum equalization levy and the second tier referendum 
1.10 	equalization levy.
1.11 	(b) A district's first tier referendum equalization levy equals the district's first tier 
1.12 	referendum equalization revenue times the lesser of one or the ratio of the district's 
1.13 	referendum market value per resident pupil unit to $567,000 125 percent of the statewide 
1.14 	referendum market value equalizing factor.
1.15 	(c) A district's second tier referendum equalization levy equals the district's second tier 
1.16 	referendum equalization revenue times the lesser of one or the ratio of the district's 
1.17 	referendum market value per resident pupil unit to $290,000 50 percent of the statewide 
1.18 	referendum market value equalizing factor.
1.19 	(d) For purposes of this subdivision, the statewide referendum market value equalizing 
1.20 	factor equals the quotient derived by dividing the total referendum market value of all the 
1.21 	school districts in the state for the year before the year the levy is certified by the resident 
1.22 	pupil units of all school districts for the current fiscal year.

2.1 	EFFECTIVE DATE. This section is effective for fiscal year 2022 and later.