(a) For fiscal years 2018 to 2022, each school district with a maximum effort loan under sections 126C.61 to 126C.72, outstanding as of June 30, 2016, is eligible for an aid payment equal to one-fifth of the amount of interest that was paid on the loan between December 1, 1990, and June 30, 2016. A school district with a maximum effort capital loan outstanding as of June 30, 2017, is eligible for an annual aid payment equal to one-fifth of the estimated amount of interest that will be paid by the district on the loan between June 30, 2017, and June 30, 2021. Aid payments under this section must be used to reduce current year property taxes levied on net tax capacity within the district or to reduce future years' tax levies by:
(1) retaining payments made under this section in the district's debt redemption fund for up to 20 years, notwithstanding the two-year limit under section 475.61, subdivision 3; or
(2) financing a defeasance of any future payments on outstanding bonded debt.
(b) Aid under this section must be paid in fiscal years 2018 to 2022. An amount sufficient to make aid payments under this section is annually appropriated from the general fund to the commissioner of education.
History: 1Sp2017 c 1 art 4 s 21
NOTE: This section, as added by Laws 2017, First Special Session chapter 1, article 4, section 21, is effective for fiscal years 2018 to 2022. Laws 2017, First Special Session chapter 1, article 4, section 21, the effective date.
Structure Minnesota Statutes
Chapters 474 - 477C — Public Debt; Local Government Aid
Chapter 477A — Local Government Aid
Section 477A.011 — Definitions.
Section 477A.0124 — County Program Aid.
Section 477A.0126 — Reimbursement To Counties And Tribes For Certain Out-of-home Placements.
Section 477A.013 — Municipal Government Distributions.
Section 477A.014 — Commissioner's Responsibilities.
Section 477A.015 — Payment Dates.
Section 477A.016 — New Taxes Prohibited.
Section 477A.017 — Uniform Financial Accounting And Reporting System.
Section 477A.0175 — Aid Reductions For Operating An Unauthorized Diversion Program.
Section 477A.03 — Appropriation.
Section 477A.085 — Debt Service Aid; City Of Minneapolis.
Section 477A.09 — Maximum Effort Loan Aid.
Section 477A.10 — Natural Resources Land Payments In Lieu; Purpose.
Section 477A.11 — Natural Resources Lands, Payments In Lieu; Definitions.
Section 477A.12 — Annual Appropriations; Lands Eligible; Certification Of Acreage.
Section 477A.13 — Time Of Payment, Deductions.
Section 477A.14 — Use Of Funds.
Section 477A.15 — Taconite Aid Reimbursement.
Section 477A.16 — Utility Valuation Transition Aid.
Section 477A.17 — Lake Vermilion-soudan Underground Mine State Park; Annual Payments.
Section 477A.18 — Production Property Transition Aid.
Section 477A.19 — Aquatic Invasive Species Prevention Aid.
Section 477A.21 — Riparian Protection Aid.