HF 4018

1st Engrossment - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

A bill for an act
relating to education finance; modifying school debt provisions; amending
Minnesota Statutes 2006, section 123B.81, subdivisions 3, 5.

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

Section 1.

Minnesota Statutes 2006, section 123B.81, subdivision 3, is amended to read:

Subd. 3.

Debt verification.

The commissioner shall establish a uniform auditing or
other verification procedure for districts to determine whether a statutory operating debt
exists in any Minnesota school district deleted text begin as of June 30, 1977. This procedure must identify
all interfund transfers made during fiscal year 1977 from a fund included in computing
statutory operating debt to a fund not included in computing statutory operating debt deleted text end .
The standards for this uniform auditing or verification procedure must be promulgated
by the state board pursuant to chapter 14. If a district applies to the commissioner for
a statutory operating debt verification deleted text begin or if the unaudited financial statement for the
school year ending June 30, 1977 reveals that a statutory operating debt might exist deleted text end , the
commissioner shall require a verification of the amount of the statutory operating debt
which actually does exist.

Sec. 2.

Minnesota Statutes 2006, section 123B.81, subdivision 5, is amended to read:

Subd. 5.

Certification of debt.

The commissioner shall certify the amount of
statutory operating debt for each district. deleted text begin Prior to June 30, 1979, the commissioner may,
on the basis of corrected figures, adjust the total amount of statutory operating debt
certified for any district.
deleted text end