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S.F. No. 489 - Enhanced Debt Service Equalization for Districts in Unique Situations
 
Author: Senator Kevin L. Dahle
 
Prepared By: Bjorn E. Arneson, Senate Analyst (651/296-3812)
 
Date: February 13, 2015



 

Section 1. Enhanced debt service equalization.

Subdivision 1. Definitions. Expands eligibility for enhanced equalization to (1) a district that has recently consolidated and developed a consolidation plan that included building or remodeling school facilities; and (2) a district that, after regular debt service equalization, has a tax rate that exceeds 30 percent of its adjusted net tax capacity (ANTC).

Subdivision 2. Notification. Makes a conforming change related to the title of the program.

Subdivision 3. Enhanced debt service equalization revenue. Clarifies the portion of debt service levy eligible for equalization.  Provides that, for a district qualifying because of a tax rate exceeding 30 percent of ANTC, only the portion of levy exceeding 30 percent is eligible for enhanced equalization under this section.

Subdivision 4. Equalized enhanced debt service levy. Makes a conforming change related to the title of the program.

Subdivision 5. Enhanced debt service equalization aid. Makes a conforming change related to the title of the program.

Subdivision 6. Enhanced debt service equalization aid payment schedule. Makes a conforming change related to the title of the program.

EFFECTIVE DATE:  Makes this section effective for revenue in fiscal year 2017, taxes payable 2016.

Section 2. Repealer.

Repeals the Cooperative Facilities Grant Act.

 

 
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