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SF 3361

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

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to education finance; increasing equalizing factors and threshold rates
in the debt service equalization program; improving ability of school districts
to improve school buildings and facilities; reducing property taxes; amending
Minnesota Statutes 2006, section 123B.53, subdivisions 4, 5.

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.

(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 begin 15deleted text end
new text begin ten new 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 begin 25deleted text end new text begin 15 new text end percent times
the adjusted net tax capacity of the district.

Sec. 2.

Minnesota Statutes 2006, 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 end new text begin $10,000new 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 end new text begin $20,000new text end .