HF 717

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; allowing Independent
School District No. 345, New London-Spicer, to
transfer future balances in its debt redemption fund
to its general fund.

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

Section 1. new text begin FUND TRANSFER, NEW LONDON-SPICER.
new text end

new text begin (a) Notwithstanding Minnesota Statutes, sections 123B.79,
123B.80, and 475.61, subdivision 4, Independent School District
No. 345, New London-Spicer, may permanently transfer up to
$150,000 each year for five years from its debt redemption fund
to its general fund without making a levy reduction for the
purpose of replacing the roof on the Prairie Woods Elementary
School. The district must make its initial transfer according
to this section on June 30, 2005. The subsequent four transfers
must be made on June 30 of each subsequent year.
new text end

new text begin (b) Prior to making the fund transfer, Independent School
District No. 345, New London-Spicer, must demonstrate to the
commissioner's satisfaction that the district has sufficient
funding in its debt redemption fund to satisfy its outstanding
debt obligations.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day
following final enactment.
new text end