123B.591 Deferred maintenance revenue.
Subdivision 1. Eligibility. An independent or special school district that does not qualify to participate in the alternative facilities bonding and levy under section 123B.59, subdivision 1, paragraph (a), is eligible to receive deferred maintenance revenue.
Subd. 2. Deferred maintenance revenue. The deferred maintenance revenue for an eligible school district equals the product of $60 times the adjusted marginal cost pupil units for the school year times the lesser of one or the ratio of the district's average age of building space to 35 years.
Subd. 3. Deferred maintenance levy. To obtain deferred maintenance revenue for fiscal year 2008 and later, a district may levy an amount not more than the product of its deferred maintenance revenue for the fiscal year times the lesser of one or the ratio of its adjusted net tax capacity per adjusted marginal cost pupil unit to $5,900.
Subd. 4. Deferred maintenance aid. For fiscal year 2008 and later, a district's deferred maintenance aid equals its deferred maintenance revenue minus its deferred maintenance levy times the ratio of the actual amount levied to the permitted levy.
Subd. 5. Reserve account. Deferred maintenance revenue must be maintained in a reserve account within the general fund. Deferred maintenance revenue may be used only for expenditures that would be eligible for alternative facilities bonding and levy revenue under section 123B.59, subdivision 2, paragraph (a), if the district qualified for that revenue under section 123B.59, subdivision 1, paragraph (a).
HIST: 1Sp2005 c 5 art 4 s 7
* NOTE: This section, as added by Laws 2005, First Special *Session chapter 5, article 4, section 7, is effective for *revenue for fiscal year 2008. Laws 2005, First Special Session *chapter 5, article 4, section 7, the effective date.
Official Publication of the State of Minnesota
Revisor of Statutes