HF 3799

as introduced - 84th Legislature (2005 - 2006) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; authorizing a levy for school districts in statutory
operating debt; proposing coding for new law in Minnesota Statutes, chapter
126C.

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

Section 1.

new text begin [126C.425] OPERATING DEBT LEVIES.
new text end

new text begin Subdivision 1. new text end

new text begin 2005 operating debt. new text end

new text begin (a) A school district that was in statutory
operating debt as of June 30, 2005, under section 123B.81, may levy for up to three years
to eliminate a deficit in the net undesignated balance in the general fund. The annual levy
may not exceed the lesser of $400,000 or the amount raised by a levy of four percent times
the district's adjusted net tax capacity for the next taxable year. The total amount of the
levy for all years must not exceed the amount of the deficit in the net undesignated balance
of the general fund as of June 30, 2005.
new text end

new text begin (b) A school district is eligible to levy under this section if the levy has been
approved as part of the district's special operating plan under section 123B.83, subdivision
4, to eliminate its statutory operating debt.
new text end

new text begin (c) The levy authority under this subdivision expires after taxes payable in 2009.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2007 through
2009.
new text end