Bill Text: MN HF346 | 2011-2012 | 87th Legislature | Introduced
Bill Title: School district capital account fund transfer authorized.
Spectrum: Moderate Partisan Bill (Republican 4-1)
Status: (Introduced - Dead) 2011-02-03 - Introduction and first reading, referred to Education Finance [HF346 Detail]
Download: Minnesota-2011-HF346-Introduced.html
1.2relating to education; authorizing a transfer from the reserved for operating
1.3capital account to the undesignated general fund;proposing coding for new law
1.4in Minnesota Statutes, chapter 123B.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [123B.795] CAPITAL ACCOUNT TRANSFERS.
1.7Notwithstanding sections 123B.79 and 123B.80, on June 30 of each year, a
1.8school district may transfer money from its reserved for operating capital account to its
1.9undesignated balance in the general fund. The amount transferred by any school district
1.10must not exceed the product of one percent of the current year's formula allowance under
1.11section 126C.10, subdivision 2, times the district's adjusted marginal cost pupil units for
1.12the second preceding fiscal year. This transfer may occur only after the school board has
1.13adopted a written resolution stating the amount of the transfer and declaring that the
1.14school district's operating capital needs are being met.
1.15EFFECTIVE DATE.This section is effective the day following final enactment.
1.3capital account to the undesignated general fund;proposing coding for new law
1.4in Minnesota Statutes, chapter 123B.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [123B.795] CAPITAL ACCOUNT TRANSFERS.
1.7Notwithstanding sections 123B.79 and 123B.80, on June 30 of each year, a
1.8school district may transfer money from its reserved for operating capital account to its
1.9undesignated balance in the general fund. The amount transferred by any school district
1.10must not exceed the product of one percent of the current year's formula allowance under
1.11section 126C.10, subdivision 2, times the district's adjusted marginal cost pupil units for
1.12the second preceding fiscal year. This transfer may occur only after the school board has
1.13adopted a written resolution stating the amount of the transfer and declaring that the
1.14school district's operating capital needs are being met.
1.15EFFECTIVE DATE.This section is effective the day following final enactment.
