1.1                          A bill for an act 
  1.2             relating to education; providing levy authority to 
  1.3             independent school district No. 417, Tracy, to reduce 
  1.4             its operating debt. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  [OPERATING DEBT LEVY FOR TRACY SCHOOL 
  1.7   DISTRICT.] 
  1.8      Subdivision 1.  [OPERATING DEBT ACCOUNT.] On July 1, 1999, 
  1.9   independent school district No. 417, Tracy, shall establish a 
  1.10  reserve account in the general fund.  The balance in this fund 
  1.11  shall equal the unreserved undesignated fund balance in the 
  1.12  operating funds of the district as of June 30, 1999. 
  1.13     Subd. 2.  [LEVY.] For taxes payable in each of the years 
  1.14  2000 to 2004, the district may levy an amount up to 20 percent 
  1.15  of the balance in the account on July 1, 1999.  The balance in 
  1.16  the account shall be adjusted each year by the amount of the 
  1.17  proceeds of the levy.  The proceeds of the levy shall be used 
  1.18  only for cash flow requirements and shall not be used to 
  1.19  supplement district revenues or income for the purposes of 
  1.20  increasing the district's expenditures or budgets. 
  1.21     Subd. 3.  [NO LOCAL APPROVAL.] Pursuant to Minnesota 
  1.22  Statutes, section 645.023, subdivision 1, paragraph (a), this 
  1.23  section is effective without local approval.