as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:37am
Engrossments | ||
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Introduction | Posted on 02/02/2009 |
A bill for an act
relating to education finance; increasing state aid for the debt service equalization
aid program; appropriating money; amending Minnesota Statutes 2008, sections
120A.05, by adding a subdivision; 123B.53, subdivisions 4, 5.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
Minnesota Statutes 2008, section 120A.05, is amended by adding a
subdivision to read:
new text begin
The debt service equalizing factor
equals the quotient derived by dividing the total adjusted net tax capacity of all school
districts in the state for the year before the year the levy is certified by the total number
of adjusted pupil units in the state for the school year ending in the year prior to the
year the levy is certified.
new text end
new text begin
This section is effective for taxes payable in 2010.
new text end
Minnesota Statutes 2008, section 123B.53, subdivision 4, is amended to read:
deleted text begin (a)deleted text end The debt service equalization
revenue of a district equals deleted text begin the sum of the first tier debt service equalization revenue and
the second tier debt service equalization revenue.
deleted text end
deleted text begin (b) The first tier debt service equalization revenue of a district equalsdeleted text end the greater of
zero or the eligible debt service revenue minus the amount raised by a levy of 15 percent
times the adjusted net tax capacity of the district deleted text begin minus the second tier debt service
equalization revenue of the districtdeleted text end .
deleted text begin (c) The second tier debt service equalization revenue of a district equals the greater
of zero or the eligible debt service revenue, excluding alternative facilities levies under
section 123B.59, subdivision 5, minus the amount raised by a levy of 25 percent times the
adjusted net tax capacity of the district.deleted text end
new text begin
This section is effective for revenue for fiscal year 2011.
new text end
Minnesota Statutes 2008, section 123B.53, subdivision 5, is amended to read:
deleted text begin (a)deleted text end The equalized debt service levy of a
district equals deleted text begin the sum of the first tier equalized debt service levy and the second tier
equalized debt service levy.
deleted text end
deleted text begin (b) A district's first tier equalized debt service levy equals the district's first tier debt
service equalization revenue timesdeleted text end the lesser of one or the ratio of:
(1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to
(2) deleted text begin $3,200deleted text end new text begin 100 percent of the debt service equalizing factornew text end .
deleted text begin
(c) A district's second tier equalized debt service levy equals the district's second tier
debt service equalization revenue times the lesser of one or the ratio of:
deleted text end
deleted text begin
(1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to
deleted text end
deleted text begin
(2) $8,000.
deleted text end
new text begin
This section is effective for taxes payable in 2010.
new text end