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SF 1947

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 02:24am

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; indexing equalizing factors for the debt service
and referendum equalization aid programs; amending Minnesota Statutes 2008,
sections 123B.53, subdivisions 4, 5; 126C.01, by adding subdivisions; 126C.17,
subdivision 6.

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

Section 1.

Minnesota Statutes 2008, section 123B.53, subdivision 4, is amended to read:


Subd. 4.

Debt service equalization revenue.

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

(b) The first tier debt service equalization revenue of a district equals the greater
of zero or the eligible debt service revenue minus the amount raised by a levy of deleted text begin15deleted text endnew text begin tennew text end
percent times the adjusted net tax capacity of the district minus the second tier debt service
equalization revenue of the district.

(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 deleted text begin25deleted text endnew text begin 20new text end percent times
the adjusted net tax capacity of the district.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end

Sec. 2.

Minnesota Statutes 2008, section 123B.53, subdivision 5, is amended to read:


Subd. 5.

Equalized debt service levy.

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

(b) A district's first tier equalized debt service levy equals the district's first tier debt
service equalization revenue times 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 endnew text begin 75 percent of the statewide adjusted net tax capacity equalizing factornew text end.

(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:

(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$8,000deleted text endnew text begin 120 percent of the statewide adjusted net tax capacity equalizing factornew text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end

Sec. 3.

Minnesota Statutes 2008, section 126C.01, is amended by adding a subdivision
to read:


new text begin Subd. 2a. new text end

new text begin Adjusted net tax capacity equalizing factor. new text end

new text begin The adjusted net tax
capacity 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 marginal cost pupil units in the state for the
current school year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end

Sec. 4.

Minnesota Statutes 2008, section 126C.01, is amended by adding a subdivision
to read:


new text begin Subd. 3a. new text end

new text begin Referendum market value equalizing factor. new text end

new text begin The referendum market
value equalizing factor equals the quotient derived by dividing the total referendum market
value of all school districts in the state for the year before the year the levy is certified by
the total number of resident marginal cost pupil units in the state for the current school year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end

Sec. 5.

Minnesota Statutes 2008, section 126C.17, subdivision 6, is amended to read:


Subd. 6.

Referendum equalization levy.

(a) deleted text beginFor fiscal year 2003 and later,deleted text end
A district's referendum equalization levy equals the sum of the first tier referendum
equalization levy and the second tier referendum equalization levy.

(b) A district's first tier referendum equalization levy equals the district's first tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident marginal cost pupil unit to deleted text begin$476,000deleted text endnew text begin 140 percent of
the referendum market value equalizing factor
new text end.

(c) A district's second tier referendum equalization levy equals the district's second
tier referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident marginal cost pupil unit to deleted text begin$270,000deleted text endnew text begin 58 percent of
the referendum market value equalizing factor
new text end.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxes payable in 2010 and
thereafter.
new text end