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
, paragraph (a), if the district qualified for that revenue under section
, paragraph (a).
History: 1Sp2005 c 5 art 4 s 7
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.