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121.915 Reorganization operating debt.

The "reorganization operating debt" of a school district means the net negative undesignated fund balance in all school district funds, other than capital expenditure, building construction, debt redemption, and trust and agency, calculated in accordance with the uniform financial accounting and reporting standards for Minnesota school districts as of:

(1) June 30 of the fiscal year before the first year that a district receives revenue according to section 124.2725; or

(2) June 30 of the fiscal year before the effective date of reorganization according to section 122.22 or 122.23.

HIST: 1991 c 265 art 6 s 3; 1996 c 412 art 13 s 7

Official Publication of the State of Minnesota
Revisor of Statutes