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SF 3608

as introduced - 90th Legislature (2017 - 2018) Posted on 03/20/2018 09:24am

KEY: stricken = removed, old language.
underscored = added, new language.
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Current Version - as introduced

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3.1

A bill for an act
 relating to education finance; enhancing equalization aid; increasing state aid for
the debt service equalization aid program and the operating referendum revenue
program; appropriating money; amending Minnesota Statutes 2016, sections
123B.53, subdivisions 4, 5; 126C.17, subdivision 6.

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

Section 1.

Minnesota Statutes 2016, 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 15.74deleted text end new text begin 12.5new 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, minus the amount raised by a levy of deleted text begin 26.24deleted text end new text begin 19new 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 revenue for fiscal year 2020 and later.
 new text end

Sec. 2.

Minnesota Statutes 2016, 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 $3,400 in fiscal year 2016, $4,430 in fiscal year 2017, anddeleted text end the greater of $4,430 or
deleted text begin 55.33deleted text end new text begin 70new text end percent of the initial equalizing factor in fiscal year deleted text begin 2018deleted text end new text begin 2020new text end and later.

(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 $8,000 in fiscal years 2016 and 2017, anddeleted text end the greater of $8,000 or 100 percent of
the initial equalizing factor in fiscal year deleted text begin 2018deleted text end new text begin 2020new text end and later.

(d) For the purposes of this subdivision, the initial 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
all school districts in the state in the year before the year the levy is certified.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2020 and later.
 new text end

Sec. 3.

Minnesota Statutes 2016, section 126C.17, subdivision 6, is amended to read:


Subd. 6.

Referendum equalization levy.

(a) A district's referendum equalization levy
equals the sum of the first tier referendum equalization levy, the second tier referendum
equalization levy, and the third 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 pupil unit to $880,000.

(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 pupil unit to deleted text begin $510,000deleted text end new text begin $640,000new text end .

(d) A district's third tier referendum equalization levy equals the district's third tier
referendum equalization revenue times the lesser of one or the ratio of the district's
referendum market value per resident pupil unit to deleted text begin $290,000deleted text end new text begin $350,000new text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue for fiscal year 2020 and later.
 new text end