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SF 490

as introduced - 89th Legislature (2015 - 2016) Posted on 02/03/2015 08:35am

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

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A bill for an act
 relating to education finance; increasing school district debt service equalization;
amending Minnesota Statutes 2014, section 123B.53, subdivisions 4, 5, 6.

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

Section 1.

Minnesota Statutes 2014, section 123B.53, subdivision 4, is amended to read:


Subd. 4.

Debt service equalization revenue.

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

deleted text begin (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 15.74
percent times the adjusted net tax capacity of the district minus the second tier debt service
equalization revenue of the district.
 deleted text end

deleted text begin (c) The second tier debt service equalization revenue of a district equals thedeleted text end 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 26.24deleted text end new text begin tennew 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 in fiscal year 2017 and
later.
 new text end

Sec. 2.

Minnesota Statutes 2014, section 123B.53, subdivision 5, is amended to read:


Subd. 5.

Equalized debt service levy.

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

deleted text begin (b) A district's first tier equalized debt service levy equals thedeleted text end district's deleted text begin first tierdeleted text end 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 and $4,430 in fiscal year 2017 and later.
deleted text end

deleted text begin (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:
 deleted text end

deleted text begin (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
 deleted text end

deleted text begin (2) $8,000deleted text end new text begin 125 percent of the state average adjusted net tax capacity per adjusted
pupil unit in the year preceding the year the levy is certifiednew text end .

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue in fiscal year 2017 and
later.
 new text end

Sec. 3.

Minnesota Statutes 2014, section 123B.53, subdivision 6, is amended to read:


Subd. 6.

Debt service equalization aid.

deleted text begin (a)deleted text end A district's debt service equalization
aid deleted text begin is the sum of the district's first tier debt service equalization aid and the district's
second tier debt service equalization aid.
deleted text end

deleted text begin (b) A district's first tier debt service equalization aid equals the difference between
the district's first tier debt service equalization revenue and the district's first tier equalized
debt service levy.
 deleted text end

deleted text begin (c) A district's second tier debt service equalization aiddeleted text end equals the difference between
the district's deleted text begin second tierdeleted text end debt service equalization revenue and the district's deleted text begin second tierdeleted text end
equalized debt service levy.

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for revenue in fiscal year 2017 and
later.
 new text end