1.1                          A bill for an act 
  1.2             relating to education; modifying the use of capital 
  1.3             expenditure facilities revenue; amending Minnesota 
  1.4             Statutes 1994, section 124.243, subdivision 8. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 1994, section 124.243, 
  1.7   subdivision 8, is amended to read: 
  1.8      Subd. 8.  [FUND TRANSFERS.] (a) Money in the account for 
  1.9   capital expenditure facilities revenue must not be transferred 
  1.10  into any other account or fund, except as specified in this 
  1.11  subdivision. 
  1.12     (b) The school board may, by resolution, transfer money 
  1.13  into the debt redemption fund to pay the amounts needed to meet, 
  1.14  when due, principal and interest payments on certain obligations 
  1.15  issued according to chapter 475. 
  1.16     (c) Each fiscal year, ~~if~~ a district ~~does not have any~~ 
  1.17  ~~obligations outstanding under chapter 475, has not levied under~~ 
  1.18  ~~section 124.239, subdivision 3 or 5, and has not received~~ 
  1.19  ~~revenue under section 124.83, a school board~~ may use up to 
  1.20  one-third of its capital expenditure facilities revenue for 
  1.21  equipment uses under section 124.244. 
  1.22     (d) Notwithstanding paragraph (c), a school board may 
  1.23  transfer all or a part of its capital expenditure facilities 
  1.24  revenue to its capital expenditure equipment account if: 
  1.25     (1) the district has only one facility and that facility is 
  2.1   less than ten years old; or 
  2.2      (2) the district receives approval from the commissioner to 
  2.3   make the transfer. 
  2.4      (e) In considering approval of a transfer under paragraph 
  2.5   (d), clause (2), the commissioner must consider the district's 
  2.6   facility needs. 
  2.7      Sec. 2.  [EFFECTIVE DATE.] 
  2.8      Section 1 is effective July 1, 1995.