as introduced - 82nd Legislature (2001 - 2002) Posted on 12/15/2009 12:00am
1.1 A bill for an act 1.2 relating to education finance; increasing the amount 1.3 of referendum revenue subject to equalization; 1.4 amending Minnesota Statutes 2000, section 126C.17, 1.5 subdivision 5. 1.6 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.7 Section 1. Minnesota Statutes 2000, section 126C.17, 1.8 subdivision 5, is amended to read: 1.9 Subd. 5. [REFERENDUM EQUALIZATION REVENUE.] (a) A 1.10 district's referendum equalization revenue equals the referendum 1.11 equalization allowance times the district's resident marginal 1.12 cost pupil units for that year. 1.13 (b) The referendum equalization allowance equals$350 for1.14fiscal year 2000 and: $415 for fiscalyearyears 2001 and 1.15 2002; 60 percent of the referendum allowance limit under 1.16 subdivision 2, clause (2), for fiscal year 2003; 70 percent of 1.17 the referendum allowance limit under subdivision 2, clause (2), 1.18 for fiscal year 2004; 80 percent of the referendum allowance 1.19 limit under subdivision 2, clause (2), for fiscal year 2005; 90 1.20 percent of the referendum allowance limit under subdivision 2, 1.21 clause (2), for fiscal year 2006; and 100 percent of the 1.22 referendum allowance limit under subdivision 2, clause (2), for 1.23 fiscal year 2007 and later. 1.24 (c) Referendum equalization revenue must not exceed a 1.25 district's total referendum revenue for that year. 2.1 [EFFECTIVE DATE.] This section is effective for revenue for 2.2 fiscal year 2003 and later.