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HF 4219

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

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

Engrossments
Introduction Posted on 04/30/2008

Current Version - as introduced

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1.11

A bill for an act
 relating to education; providing for capital account transfers.

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

Section 1. new text begin FUND TRANSFERS.
new text end

new text begin Notwithstanding any law to the contrary, on June 30, 2008, 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 fiscal year 2007. This transfer
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.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
 new text end