1.1                          A bill for an act 
  1.2             relating to education; providing for state aid to 
  1.3             replace the referendum equalization levy after the 
  1.4             first year of approval of a referendum; amending 
  1.5             Minnesota Statutes 1998, sections 126C.17, 
  1.6             subdivisions 6 and 7. 
  1.7   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.8      Section 1.  Minnesota Statutes 1998, section 126C.17, 
  1.9   subdivision 6, is amended to read: 
  1.10     Subd. 6.  [REFERENDUM EQUALIZATION LEVY.] (a) ~~For fiscal~~ 
  1.11  ~~year 1999 and thereafter~~ After the first year following the 
  1.12  initial approval of a referendum under this section, a 
  1.13  district's referendum equalization levy for a referendum levied 
  1.14  against the referendum market value of all taxable property as 
  1.15  defined in section 126C.01, subdivision 3, equals the district's 
  1.16  referendum equalization revenue times the lesser of one or the 
  1.17  ratio of the district's referendum market value per resident 
  1.18  pupil unit to $476,000. 
  1.19     (b) ~~For fiscal year 1999 and thereafter, a district's~~ 
  1.20  ~~referendum equalization levy for a referendum levied against the~~ 
  1.21  ~~net tax capacity of all taxable property equals the district's~~ 
  1.22  ~~referendum equalization revenue times the lesser of one or the~~ 
  1.23  ~~ratio of the district's adjusted net tax capacity per resident~~ 
  1.24  ~~pupil unit to $10,000~~ After the first year under paragraph (a), 
  1.25  a district's referendum equalization levy equals zero. 
  1.26     Sec. 2.  Minnesota Statutes 1998, section 126C.17, 
  2.1   subdivision 7, is amended to read: 
  2.2      Subd. 7.  [REFERENDUM EQUALIZATION AID.] (a) For the first 
  2.3   year following the initial approval of a referendum under this 
  2.4   section, a district's referendum equalization aid equals the 
  2.5   difference between its referendum equalization revenue and levy. 
  2.6      (b) If a district's actual levy for referendum equalization 
  2.7   revenue is less than its maximum levy limit, aid shall be 
  2.8   proportionately reduced. 
  2.9      (c) After the first year under paragraph (a), a district's 
  2.10  referendum equalization aid equals its referendum equalization 
  2.11  revenue. 
  2.12     Sec. 3.  [EFFECTIVE DATE.] 
  2.13     Sections 1 and 2 are effective for revenue for fiscal year 
  2.14  2001.