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HF 2414

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:04am

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 01/08/2010

Current Version - as introduced

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A bill for an act
 relating to education finance; increasing the aid payment percentage for charter
schools; amending Minnesota Statutes 2008, section 127A.45, subdivision 2.

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

Section 1.

Minnesota Statutes 2008, 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 percentagenew text begin for schools other than charter schoolsnew text end
equals 90.

new text begin (e) The current year aid payment percentage for charter schools equals 95.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for aid payments for fiscal years
2011 and later.
 new text end