1.1                          A bill for an act 
  1.2             relating to education finance; increasing the amount 
  1.3             of referendum revenue subject to equalization; 
  1.4             amending Minnesota Statutes 2000, section 126C.17, 
  1.5             subdivision 5.  
  1.6   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.7      Section 1.  Minnesota Statutes 2000, section 126C.17, 
  1.8   subdivision 5, is amended to read: 
  1.9      Subd. 5.  [REFERENDUM EQUALIZATION REVENUE.] (a) A 
  1.10  district's referendum equalization revenue equals the referendum 
  1.11  equalization allowance times the district's resident marginal 
  1.12  cost pupil units for that year.  
  1.13     (b) The referendum equalization allowance equals $350 for 
  1.14  fiscal year 2000 and:  $415 for fiscal year years 2001 and 
  1.15  2002; 60 percent of the referendum allowance limit under 
  1.16  subdivision 2, clause (2), for fiscal year 2003; 70 percent of 
  1.17  the referendum allowance limit under subdivision 2, clause (2), 
  1.18  for fiscal year 2004; 80 percent of the referendum allowance 
  1.19  limit under subdivision 2, clause (2), for fiscal year 2005; 90 
  1.20  percent of the referendum allowance limit under subdivision 2, 
  1.21  clause (2), for fiscal year 2006; and 100 percent of the 
  1.22  referendum allowance limit under subdivision 2, clause (2), for 
  1.23  fiscal year 2007 and later. 
  1.24     (c) Referendum equalization revenue must not exceed a 
  1.25  district's total referendum revenue for that year. 
  2.1      <b>[EFFECTIVE DATE.]</b> This section is effective for revenue for 
  2.2   fiscal year 2003 and later.