1.1                          A bill for an act 
  1.2             relating to education finance; authorizing certain 
  1.3             capital account transfers; amending Minnesota Statutes 
  1.4             2002, section 123B.80, by adding a subdivision. 
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2002, section 123B.80, is 
  1.7   amended by adding a subdivision to read: 
  1.8      Subd. 4.  [CAPITAL ACCOUNT TRANSFERS.] (a) A school board 
  1.9   that desires to transfer money from its reserved for operating 
  1.10  capital account to the undesignated general fund balance may do 
  1.11  so by June 30 of any year.  
  1.12     (b) In order to make such a transfer, the board must adopt 
  1.13  and forward a written resolution to the commissioner by April 15 
  1.14  of that year describing the condition of the district's 
  1.15  facilities and specifying the amount of money that will be 
  1.16  transferred. 
  1.17     (c) By May 15 of each year, the commissioner must approve 
  1.18  or disapprove of each district's capital account transfer 
  1.19  request.  The commissioner may approve a capital account 
  1.20  transfer request only after determining that the district has no 
  1.21  significant deferred maintenance or disability access needs.  
  1.22     <b>[EFFECTIVE DATE.]</b> This section is effective July 1, 2004.