HF 598

as introduced - 80th Legislature (1997 - 1998) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to education; enhancing the debt service 
  1.3             equalization program; amending Minnesota Statutes 
  1.4             1996, sections 124.95, subdivision 3; and 124.961. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1996, section 124.95, 
  1.7   subdivision 3, is amended to read: 
  1.8      Subd. 3.  [DEBT SERVICE EQUALIZATION REVENUE.] (a) For 
  1.9   fiscal years 1995 1999 and later, the debt service equalization 
  1.10  revenue of a district equals the eligible debt service revenue 
  1.11  minus the amount raised by a levy of ten eight percent times the 
  1.12  adjusted net tax capacity of the district. 
  1.13     (b) For fiscal year 1993, debt service equalization revenue 
  1.14  equals one-third of the amount calculated in paragraph (a). 
  1.15     (c) For fiscal year 1994, debt service equalization revenue 
  1.16  equals two-thirds of the amount calculated in paragraph (a). 
  1.17     Sec. 2.  Minnesota Statutes 1996, section 124.961, is 
  1.18  amended to read: 
  1.19     124.961 [DEBT SERVICE APPROPRIATION.] 
  1.20     (a) $30,054,000 in fiscal year 1996, $28,162,000 in fiscal 
  1.21  year 1997, and $33,948,000 in fiscal year 1998, $41,748,000 in 
  1.22  fiscal year 1999, and $43,100,000 in fiscal year 2000 and each 
  1.23  year thereafter is appropriated from the general fund to the 
  1.24  commissioner of children, families, and learning for payment of 
  1.25  debt service equalization aid under section 124.95.  The 1998 
  2.1   appropriation includes $4,970,000 for 1997 and $28,978,000 for 
  2.2   1998.  The appropriation for 1999 and later is based on an aid 
  2.3   entitlement of $43,100,000. 
  2.4      (b) The appropriations in paragraph (a) must be reduced by 
  2.5   the amount of any money specifically appropriated for the same 
  2.6   purpose in any year from any state fund. 
  2.7      Sec. 3.  [EFFECTIVE DATE.] 
  2.8      Section 1 is effective for revenue for fiscal years 1999 
  2.9   and later.