HF 2747

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 11:32pm

A bill for an act
relating to education finance; permitting a onetime transfer of excess debt service
funds for general education expenses.

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

Section 1. new text begin DEBT SERVICE FUND TRANSFER; ROCHESTER.
new text end

new text begin Notwithstanding Minnesota Statutes, sections 123B.79, 123B.80, and 475.61,
subdivision 4, in fiscal year 2012, Independent School District No. 535, Rochester, may
permanently transfer up to an amount not more than the five percent excess required under
Minnesota Statutes, section 475.61, for that levy payable in fiscal year 2011 from its debt
redemption fund to its operating capital account without making a levy reduction.
new text end