HF 605

as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education finance; authorizing independent 
  1.3             school district No. 492, Austin, to carry a deficit in 
  1.4             its operating capital account for a limited number of 
  1.5             years. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  [OPERATING CAPITAL ACCOUNT DEFICIT; EXCEPTION.] 
  1.8      Notwithstanding Minnesota Statutes, section 123B.78, 
  1.9   subdivision 5, independent school district No. 492, Austin, may 
  1.10  incur a deficit of up to $4,200,000 in its reserve for capital 
  1.11  operating account for the Westcott Field improvement project.  
  1.12  The deficit must be eliminated by June 30, 2011.  Any donations 
  1.13  or contributions received by the district for the Westcott Field 
  1.14  improvement project must be deposited in the reserve for capital 
  1.15  operating account. 
  1.16     [EFFECTIVE DATE.] This section is effective the day 
  1.17  following final enactment.