HF 703

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

A bill for an act
relating to education finance; authorizing levy authority for certain unfunded
severance and retirement costs faced by school districts that have participated in
the cooperative secondary facilities program.

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

Section 1. new text begin LEVY AUTHORITY FOR UNFUNDED SEVERANCE AND
RETIREMENT COSTS.
new text end

new text begin Subdivision 1. new text end

new text begin Eligibility. new text end

new text begin A school district qualifies for eligibility under this
section if the district:
new text end

new text begin (1) participated in the cooperative secondary facilities program;
new text end

new text begin (2) consolidated with at least two other school districts; and
new text end

new text begin (3) has unfunded severance or retirement costs.
new text end

new text begin Subd. 2. new text end

new text begin Levy amount. new text end

new text begin An eligible school district may annually levy up to
$150,000 for unfunded severance or retirement costs. This levy authority expires after
taxes payable in 2017.
new text end

new text begin Subd. 3. new text end

new text begin Revenue reserved. new text end

new text begin A school district that levies under this section must
reserve the proceeds of the levy and spend those amounts only for unfunded severance
or retirement costs.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2008.
new text end