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SF 586

as introduced - 87th Legislature (2011 - 2012) Posted on 02/23/2012 09:03am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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A bill for an act
 relating to education finance; extending a fund transfer for Independent School
District No. 857, Lewiston; amending Laws 2001, First Special Session chapter
6, article 5, section 10, subdivision 4.

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

Section 1.

Laws 2001, First Special Session chapter 6, article 5, section 10, subdivision
4, is amended to read:


Subd. 4.

Lewiston.

(a) Notwithstanding Minnesota Statutes, section 123B.79
or 123B.80, for calendar years 2002 through deleted text begin 2012deleted text end new text begin 2024new text end , on June 30 of each year,
independent school district No. 857, Lewiston, may permanently transfer up to $175,000
from its capital accounts in its general fund or from its unrestricted general fund to the
debt redemption fund.

(b) The eligible debt service revenue and debt service equalization aid, if any, for
independent school district No. 857, Lewiston, must be determined prior to the annual
transfer of general fund revenue authorized in subdivision 1.

new text begin EFFECTIVE DATE. new text end

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