HF 676

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; modifying eligibility for debt 
  1.3             service equalization; appropriating money; amending 
  1.4             Minnesota Statutes 1996, sections 124.95, subdivision 
  1.5             2; and 124.961. 
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 1996, section 124.95, 
  1.8   subdivision 2, is amended to read: 
  1.9      Subd. 2.  [ELIGIBILITY.] (a) The following portions of a 
  1.10  district's debt service levy qualify for debt service 
  1.11  equalization: 
  1.12     (1) debt service for repayment of principal and interest on 
  1.13  bonds issued before July 2, 1992; 
  1.14     (2) debt service for bonds refinanced after July 1, 1992, 
  1.15  if the bond schedule has been approved by the commissioner and, 
  1.16  if necessary, adjusted to reflect a 20-year maturity schedule; 
  1.17  and 
  1.18     (3) debt service for bonds issued after July 1, 1992, for 
  1.19  construction projects that have received a positive review and 
  1.20  comment according to section 121.15, if the commissioner has 
  1.21  determined that the district has met the criteria under section 
  1.22  124.431, subdivision 2, and if the bond schedule has been 
  1.23  approved by the commissioner and, if necessary, adjusted to 
  1.24  reflect a 20-year maturity schedule.  
  1.25     (b) The criterion in section 124.431, subdivision 2, 
  2.1   paragraph (a), clause (2), shall be considered to have been met 
  2.2   if the district in the fiscal year in which the bonds are 
  2.3   authorized at an election conducted under chapter 475: 
  2.4      (i) serves an average of at least 66 pupils per grade in 
  2.5   the grades to be served by the facility; or 
  2.6      (ii) is eligible for elementary or secondary sparsity 
  2.7   revenue. 
  2.8      (c) The criterion in section 124.431, subdivision 2, 
  2.9   paragraph (a), clause (2), shall also be considered to have been 
  2.10  met if the construction project under review serves students in 
  2.11  elementary or middle school grades.  Only the debt service levy 
  2.12  for that portion of the facility serving students in elementary 
  2.13  or middle school grades, as determined by the commissioner, 
  2.14  shall be eligible for debt service equalization under this 
  2.15  paragraph. 
  2.16     (d) The criterion described in section 124.431, subdivision 
  2.17  2, paragraph (a), clause (9), does not apply to bonds authorized 
  2.18  by elections held before July 1, 1992. 
  2.19     Sec. 2.  Minnesota Statutes 1996, section 124.961, is 
  2.20  amended to read: 
  2.21     124.961 [DEBT SERVICE APPROPRIATION.] 
  2.22     (a) $30,054,000 in fiscal year 1996, $28,162,000 in fiscal 
  2.23  year 1997, and $33,948,000 $34,169,100 in fiscal year 1998 and 
  2.24  each year thereafter is appropriated from the general fund to 
  2.25  the commissioner of children, families, and learning for payment 
  2.26  of debt service equalization aid under section 124.95.  The 1998 
  2.27  appropriation includes $4,970,000 for 1997 and 
  2.28  $28,978,000 $29,199,100 for 1998. 
  2.29     (b) The appropriations in paragraph (a) must be reduced by 
  2.30  the amount of any money specifically appropriated for the same 
  2.31  purpose in any year from any state fund.