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HF 3154

as introduced - 86th Legislature (2009 - 2010) Posted on 02/24/2010 04:40pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 02/24/2010

Current Version - as introduced

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A bill for an act
 relating to education finance; extending school district transfer authority from
the reserved for operating capital account to the undesignated general fund;
amending Laws 2008, chapter 363, article 2, section 46, subdivision 1, as
amended.

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

Section 1.

Laws 2008, chapter 363, article 2, section 46, subdivision 1, as amended by
Laws 2009, chapter 96, article 5, section 11, is amended to read:


Subdivision 1.

Capital account transfers.

Notwithstanding any law to the contrary,
on June 30 of 2008, 2009, deleted text begin anddeleted text end 2010, new text begin 2011, and 2012, new text end a school district may transfer
money from its reserved for operating capital account to its undesignated balance in the
general fund. The amount transferred by any school district must not exceed $51 times
the district's adjusted marginal cost pupil units for the second preceding fiscal year. This
transfer annually may occur only after the school board has adopted a written resolution
stating the amount of the transfer and declaring that the school district's operating capital
needs are being met.