SF 464

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:13am

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] STATUTORY OPERATING DEBT LEVY; 2008.
new text end

new text begin (a) A school district with a net negative unreserved general fund balance greater
than 2.5 percent as of June 20, 2008, may levy under this section to eliminate the deficit
if the levy authority has been approved by the commissioner of education as a part
of the district's special operating plan to eliminate the deficit under section 123B.53,
subdivision 4.
new text end

new text begin (b) A district's annual levy under this section must not exceed the lesser of the
amount raised by a levy of a net tax rate of eight percent times the district's adjusted net
tax capacity or $800,000.
new text end

new text begin (c) A district's total levy under this section must not exceed the amount of the
district's net negative unreserved general fund balance as of June 30, 2008.
new text end

new text begin (d) The proceeds of this levy must be used only for cash flow requirements and must
not be used to supplement district revenue or income for the purpose of increasing the
district's expenditures or budgets.
new text end

new text begin (e) The district must recognize the full amount of this levy as revenue for the fiscal
year in which it is certified.
new text end

new text begin (f) The levy authority under this section is effective for taxes payable in 2010,
2011, and 2012 only.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010, 2011,
and 2012 only.
new text end