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SF 741

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

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

Current Version - as introduced

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A bill for an act
relating to education finance; increasing state aid for the debt service equalization
aid program; appropriating money; amending Minnesota Statutes 2006, sections
123B.53, subdivisions 4, 5; 126C.01, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 123B.53, subdivision 4, is amended to read:


Subd. 4.

Debt service equalization revenue.

deleted text begin (a)deleted text end The debt service equalization
revenue of a district equals deleted text begin the sum of the first tier debt service equalization revenue and
the second tier debt service equalization revenue.
deleted text end

deleted text begin (b) The first tier debt service equalization revenue of a district equalsdeleted text end the greater of
zero or the eligible debt service revenue minus the amount raised by a levy of 15 percent
times the adjusted net tax capacity of the district deleted text begin minus the second tier debt service
equalization revenue of the district.
deleted text end

deleted text begin (c) The second tier debt service equalization revenue of a district equals the greater
of zero or the eligible debt service revenue, excluding alternative facilities levies under
section 123B.59, subdivision 5, minus the amount raised by a levy of 25 percent times the
adjusted net tax capacity of the district
deleted text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2009.
new text end

Sec. 2.

Minnesota Statutes 2006, section 123B.53, subdivision 5, is amended to read:


Subd. 5.

Equalized debt service levy.

deleted text begin (a)deleted text end The equalized debt service levy of a
district equals deleted text begin the sum of the first tier equalized debt service levy and the second tier
equalized debt service levy.
deleted text end

deleted text begin (b) A district's first tier equalized debt service levy equals the district's first tier debt
service equalization revenue times
deleted text end the lesser of one or the ratio of:

(1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to

(2) deleted text begin $3,200deleted text end new text begin 100 percent of the debt service equalizing factornew text end .

deleted text begin (c) A district's second tier equalized debt service levy equals the district's second tier
debt service equalization revenue times the lesser of one or the ratio of:
deleted text end

deleted text begin (1) the quotient derived by dividing the adjusted net tax capacity of the district for
the year before the year the levy is certified by the adjusted pupil units in the district for
the school year ending in the year prior to the year the levy is certified; to
deleted text end

deleted text begin (2) $8,000.
deleted text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2008.
new text end

Sec. 3.

Minnesota Statutes 2006, section 126C.01, is amended by adding a subdivision
to read:


new text begin Subd. 2a. new text end

new text begin Debt service equalizing factor. new text end

new text begin The debt service equalizing factor
equals the quotient derived by dividing the total adjusted net tax capacity of all school
districts in the state for the year before the year the levy is certified by the total number
of adjusted pupil units in the state for the school year ending in the year prior to the
year the levy is certified.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2008.
new text end