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HF 2982

as introduced - 89th Legislature (2015 - 2016) Posted on 04/29/2016 08:09am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/14/2016

Current Version - as introduced

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A bill for an act
relating to education finance; increasing debt service equalization aid for school
districts; amending Minnesota Statutes 2014, section 123B.53, subdivisions 5, 6;
Minnesota Statutes 2015 Supplement, section 123B.53, subdivision 4.

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

Section 1.

Minnesota Statutes 2015 Supplement, section 123B.53, subdivision 4, is
amended to read:


Subd. 4.

Debt service equalization revenue.

deleted text begin (a)deleted text end The debt service equalization
revenue of a district equals deleted text begin the sum of the first tier debt service equalization revenue and
the second tier debt service equalization revenue.
deleted text end

deleted text begin (b) The first tier debt service equalization revenue of a district equalsdeleted text end the greater
of zero or the eligible debt service revenue minus the amount raised by a levy of deleted text begin 15.74
deleted text end new text begin tennew text end
percent times the adjusted net tax capacity of the district deleted text begin minus the second tier debt
service equalization revenue of the district
deleted text end .

deleted text begin (c) The second tier debt service equalization revenue of a district equals the greater
of zero or the eligible debt service revenue, minus the amount raised by a levy of 26.24
percent times the adjusted net tax capacity of the district.
deleted text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2018
and later.
new text end

Sec. 2.

Minnesota Statutes 2014, section 123B.53, subdivision 5, is amended to read:


Subd. 5.

Equalized debt service levy.

deleted text begin (a)deleted text end The equalized debt service levy of a
district equals the deleted text begin sum of the first tier equalized debt service levy and the second tier
equalized debt service levy.
deleted text end

deleted text begin (b) A district's first tier equalized debt service levy equals the district's first tier debt
service equalization revenue times the lesser of one or the ratio of:
deleted text end

deleted text begin (1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to
deleted text end

deleted text begin (2) $3,400 in fiscal year 2016 and $4,430 in fiscal year 2017 and later.
deleted text end

deleted text begin (c) A district's second tier equalized debt service levy equals thedeleted text end district's deleted text begin second tier
deleted text end debt service equalization revenue times the lesser of one or the ratio of:

(1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to

(2) deleted text begin $8,000deleted text end new text begin 100 percent of the statewide adjusted net tax capacity equalizing factor
under section 123B.535, subdivision 1, paragraph (b)
new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2018
and later.
new text end

Sec. 3.

Minnesota Statutes 2014, section 123B.53, subdivision 6, is amended to read:


Subd. 6.

Debt service equalization aid.

deleted text begin (a)deleted text end A district's debt service equalization
aid is deleted text begin the sum of the district's first tier debt service equalization aid and the district's
second tier debt service equalization aid.
deleted text end

deleted text begin (b) A district's first tier debt service equalization aid equalsdeleted text end the difference between
the district's deleted text begin first tierdeleted text end debt service equalization revenue and the district's deleted text begin first tierdeleted text end equalized
debt service levy.

deleted text begin (c) A district's second tier debt service equalization aid equals the difference between
the district's second tier debt service equalization revenue and the district's second tier
equalized debt service levy.
deleted text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2018
and later.
new text end