1.1 	A bill for an act
1.2 	relating to education finance; extending school district transfer authority from 
1.3 	the reserved for operating capital account to the undesignated general fund;
1.4 	amending Laws 2008, chapter 363, article 2, section 46, subdivision 1, as 
1.5 	amended.
1.6 	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

1.7 	Section 1. Laws 2008, chapter 363, article 2, section 46, subdivision 1, as amended by 
1.8 	Laws 2009, chapter 96, article 5, section 11, is amended to read:
1.9 		Subdivision 1.Capital account transfers. Notwithstanding any law to the contrary, 
1.10 	on June 30 of 2008, 2009, and 2010, 2011, and 2012, a school district may transfer 
1.11 	money from its reserved for operating capital account to its undesignated balance in the 
1.12 	general fund. The amount transferred by any school district must not exceed $51 times 
1.13 	the district's adjusted marginal cost pupil units for the second preceding fiscal year. This 
1.14 	transfer annually may occur only after the school board has adopted a written resolution 
1.15 	stating the amount of the transfer and declaring that the school district's operating capital 
1.16 	needs are being met.