HF 1487

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act
  1.2             relating to education; altering the calculation of the 
  1.3             maximum effort tax rate for certain school districts 
  1.4             receiving debt service equalization aid; amending 
  1.5             Minnesota Statutes 1994, section 124.38, subdivision 
  1.6             4a. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1994, section 124.38, 
  1.9   subdivision 4a, is amended to read: 
  1.10     Subd. 4a.  [LEVY.] (a) The commissioner of education shall 
  1.11  determine whether a district that has received a capital loan is 
  1.12  likely to repay the loan.  If the commissioner determines that 
  1.13  the loan is likely to be repaid by the district, and the 
  1.14  district chooses to define levy according to this paragraph then 
  1.15  the loan must be fully repaid and is not forgiven after 50 years 
  1.16  under section 124.431, subdivision 12, and, "levy" means a the 
  1.17  district's net debt service levy after prior to the reduction of 
  1.18  debt service equalization aid under section 124.95, subdivision 
  1.19  5.  
  1.20     (b) For all other districts, "levy" means a district's net 
  1.21  debt service levy after the reduction of debt service 
  1.22  equalization aid under section 124.95, subdivision 5.  
  1.23     (c) For taxes payable in 1994 and later, each district's 
  1.24  maximum effort debt service levy for purposes of subdivision 7, 
  1.25  shall be reduced by an equal number of percentage points if the 
  1.26  commissioner determines that the levy reduction will not result 
  2.1   in a statewide property tax as would be required an insufficient 
  2.2   line-item appropriation that would require an appropriation 
  2.3   under Minnesota Statutes 1992, section 124.46, subdivision 3.  A 
  2.4   district's levy that is adjusted under this section shall not be 
  2.5   reduced below 18.74 percent of the district's adjusted net tax 
  2.6   capacity. 
  2.7      Sec. 2.  [EFFECTIVE DATE.] 
  2.8      Section 1 is effective for taxes payable in 1996 and later.