HF 668

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; increasing the aid payment percentage from 90
percent to 95 percent; amending Minnesota Statutes 2006, section 127A.45,
subdivision 2.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2006, section 127A.45, subdivision 2, is amended to
read:

Subd. 2.

Definitions.

(a) The term "other district receipts" means payments by
county treasurers pursuant to section 276.10, apportionments from the school endowment
fund pursuant to section 127A.33, apportionments by the county auditor pursuant to
section 127A.34, subdivision 2, and payments to school districts by the commissioner of
revenue pursuant to chapter 298.

(b) The term "cumulative amount guaranteed" means the product of

(1) the cumulative disbursement percentage shown in subdivision 3; times

(2) the sum of

(i) the current year aid payment percentage of the estimated aid and credit
entitlements paid according to subdivision 13; plus

(ii) 100 percent of the entitlements paid according to subdivisions 11 and 12; plus

(iii) the other district receipts.

(c) The term "payment date" means the date on which state payments to districts
are made by the electronic funds transfer method. If a payment date falls on a Saturday,
a Sunday, or a weekday which is a legal holiday, the payment shall be made on the
immediately preceding business day. The commissioner may make payments on dates
other than those listed in subdivision 3, but only for portions of payments from any
preceding payment dates which could not be processed by the electronic funds transfer
method due to documented extenuating circumstances.

(d) The current year aid payment percentage equals deleted text begin 90 deleted text end new text begin 95 new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2008.
new text end