MN HF1147

Amends Minnesota Statutes section 123B.535 to expand enhanced debt service equalization to school districts in three categories: those impacted by presidential-declared natural disasters causing $500,000+ in uninsured damages, those that consolidated after June 30, 2014 and include building or remodeling in their consolidation plan, and those with debt service tax rates exceeding 30 percent of adjusted net tax capacity.

Provides eligible districts with enhanced debt service revenue of 5-6 percent above normal debt service equalization amounts to help cover principal and interest payments on qualified obligations.

Requires districts to notify the commissioner by July 1 of the tax levy year of their intended enhanced debt service revenue for all bonds sold prior to notification.

Calculates equalized enhanced debt service levy and aid based on district tax capacity and the statewide adjusted net tax capacity equalizing factor, with aid paid according to section 127A.45, subdivision 10.

Repeals the Cooperative Facilities Grant Act (Minnesota Statutes sections 123A.44, 123A.441, 123A.442, and 123A.443) and makes changes effective for revenue in fiscal year 2017 and later.