Minnesota Statutes
Chapter 126C — Education Funding
Section 126C.71 — Payment And Applications Of Payment.

Subdivision 1. Payment. (a) On November 20 of each year, each district having an outstanding capital loan or debt service loan shall compute the excess amount in the debt redemption fund. The commissioner shall prescribe the form and calculation to be used in computing the excess amount. A completed copy of this form shall be sent to the commissioner before December 1 of each year. The commissioner may recompute the excess amount and shall promptly notify the district of the recomputed amount.
On December 15 of each year, the district shall remit to the commissioner, at a minimum, an amount equal to the greater of:
(i) the excess amount in the debt redemption fund; or
(ii) the amount by which the maximum effort debt service levy exceeds the required debt service levy for that calendar year.
(b) If a payment required under paragraph (a) is not made within 30 days, the commissioner may reduce any subsequent payments due the district under this chapter and chapters 120B, 122A, 123A, 123B, 124D, 125A, and 127A by the amount due, after providing written notice to the district.
Subd. 2. Application of payments. The commissioner shall apply payments received under subdivision 1 toward the principal of its contracts. While more than one contract is held, priority of payment must be given to the one of earliest date.
Ex1959 c 27 s 10; 1975 c 432 s 62; 1Sp1997 c 4 art 4 s 15; 1998 c 397 art 7 s 64,164; art 11 s 3; 5Sp2020 c 3 art 5 s 10

Structure Minnesota Statutes

Minnesota Statutes

Chapters 120 - 129C — Education Code: Prekindergarten - Grade 12

Chapter 126C — Education Funding

Section 126C.01 — Definitions.

Section 126C.05 — Definition Of Pupil Units.

Section 126C.10 — General Education Revenue.

Section 126C.12 — Learning And Development Revenue Amount And Use.

Section 126C.126 — Use Of General Education Revenue For All-day Kindergarten And Prekindergarten.

Section 126C.13 — General Education Aid.

Section 126C.15 — Basic Skills Revenue; Compensatory Education Revenue.

Section 126C.17 — Referendum Revenue.

Section 126C.19 — Shared Time Aid.

Section 126C.20 — Annual General Education Aid Appropriation.

Section 126C.21 — Deductions From General Education Aid.

Section 126C.40 — Capital Levies.

Section 126C.41 — Benefits Levies.

Section 126C.43 — Levies; Statutory Obligations.

Section 126C.44 — Safe Schools Levy.

Section 126C.445 — Tree Growth Replacement Revenue.

Section 126C.45 — Ice Arena Levy.

Section 126C.455 — Swimming Pool Levy.

Section 126C.46 — Abatement Levy.

Section 126C.48 — Levy Procedure.

Section 126C.50 — Tax And Aid Anticipation Borrowing; Definitions.

Section 126C.51 — Application Of Limiting Tax Legislation.

Section 126C.52 — Authority To Borrow Money; Limitations.

Section 126C.53 — Enabling Resolution; Form Of Certificates Of Indebtedness.

Section 126C.54 — Repayment; Maturity Date Of Certificates; Interest.

Section 126C.55 — State Payment Of Debt Obligation Upon Potential Default; Repayment; State Obligation Not Debt.

Section 126C.56 — Sale Of Certificates; Disbursement Of Proceeds.

Section 126C.60 — Loans To Distressed Districts.

Section 126C.61 — Citation, Maximum Effort School Aid Law.

Section 126C.62 — Policy And Purpose.

Section 126C.63 — Definitions.

Section 126C.64 — Net Debt; Determination.

Section 126C.65 — Fund Established; Division Into Accounts.

Section 126C.66 — Appropriation.

Section 126C.67 — School Loans.

Section 126C.69 — Capital Grants And Loans.

Section 126C.70 — Prepayments.

Section 126C.71 — Payment And Applications Of Payment.

Section 126C.72 — Issuance And Sale Of Bonds.