The bill amends Minnesota Statutes 2022, section 298.28, subdivision 7a, to modify the distribution timeline for the Iron Range school consolidation and cooperatively operated school account. Specifically, it extends the distribution period from 2015 through 2023 to 2015 through 2033, and shifts the start of new distributions from 2024 to 2034. This change aims to provide continued financial support for school districts within the taconite assistance area, particularly for those involved in qualified school projects.

Additionally, the bill stipulates that expenditures from the Iron Range school account must be approved by the commissioner of Iron Range resources and rehabilitation, following consultation with the Iron Range Resources and Rehabilitation Board. It also includes a provision that ensures disbursements to school districts for bond payments will be adjusted annually to counteract any reductions in debt service equalization aid. The bill is set to take effect the day after its final enactment.

Statutes affected:
Introduction: 298.28