SF 2095

as introduced - 90th Legislature (2017 - 2018) Posted on 03/14/2017 10:08am

A bill for an act
relating to education finance; increasing school district referendum equalization
aid; increasing school district debt service equalization aid; amending Minnesota
Statutes 2016, sections 123B.53, subdivision 4; 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 15.74 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 26.24 percent
new text begin for fiscal years 2017 and 2018, and 16.5 percent for fiscal year 2019 and later, new text end times the
adjusted net tax capacity of the district.

Sec. 2.

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 $510,000 new text begin for fiscal years 2017 and 2018,
and $600,000 for fiscal year 2019 and later new 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 $290,000 new text begin for fiscal years 2017 and 2018,
and $400,000 for fiscal year 2019 and later new text end .