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.
The deferred maintenance revenue for an eligible school district equals the product of $64 times the adjusted 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.
To obtain deferred maintenance revenue, 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 pupil unit to $5,965.
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.
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).
NOTE: This section is repealed by Laws 2015, First Special Session chapter 3, article 6, section 14, effective for revenue in fiscal year 2017 and later. Laws 2015, First Special Session chapter 3, article 6, section 14, the effective date.