SF 1370

as introduced - 79th Legislature (1995 - 1996) Posted on 12/15/2009 12:00am

  1.1                          A bill for an act 
  1.2             relating to education; modifying eligibility for debt 
  1.3             service equalization; amending Minnesota Statutes 
  1.4             1994, section 124.95, subdivision 2. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 124.95, 
  1.7   subdivision 2, is amended to read: 
  1.8      Subd. 2.  [ELIGIBILITY.] (a) The following portions of a 
  1.9   district's debt service levy qualify for debt service 
  1.10  equalization: 
  1.11     (1) debt service for repayment of principal and interest on 
  1.12  bonds issued before July 2, 1992; 
  1.13     (2) debt service for bonds refinanced after July 1, 1992, 
  1.14  if the bond schedule has been approved by the commissioner and, 
  1.15  if necessary, adjusted to reflect a 20-year maturity schedule; 
  1.16  and 
  1.17     (3) debt service for bonds issued after July 1, 1992, for 
  1.18  construction projects that have received a positive review and 
  1.19  comment according to section 121.15, if the commissioner has 
  1.20  determined that the district has met the criteria under section 
  1.21  124.431, subdivision 2, and if the bond schedule has been 
  1.22  approved by the commissioner and, if necessary, adjusted to 
  1.23  reflect a 20-year maturity schedule.  
  1.24     (b) The criterion in section 124.431, subdivision 2, 
  1.25  paragraph (a), clause (2), shall be considered to have been met 
  2.1   if the district in the fiscal year in which the bonds are 
  2.2   authorized at an election conducted under chapter 475: 
  2.3      (i) serves an average of at least 66 pupils per grade in 
  2.4   the grades to be served by the facility in the fiscal year that 
  2.5   the bond issue is passed or in the prior fiscal year; or 
  2.6      (ii) is eligible for sparsity revenue. 
  2.7      (c) The criterion described in section 124.431, subdivision 
  2.8   2, paragraph (a), clause (9), does not apply to bonds authorized 
  2.9   by elections held before July 1, 1992. 
  2.10     (d) Districts identified in Laws 1990, chapter 562, article 
  2.11  11, section 8, do not need to meet the criteria of section 
  2.12  124.431, subdivision 2, to qualify.