This bill amends section 15.1-12-29 of the North Dakota Century Code, which pertains to the distribution of the unobligated cash balance of a dissolved school district. The bill introduces a provision allowing the county committee to distribute up to five hundred thousand dollars of the remaining unobligated cash balance to another political subdivision located partially or wholly within the geographic boundaries of the dissolving school district. After this distribution, any remaining cash balance will be allocated as a tax credit to real property owners within the dissolved district, based on their proportionate share of the district's taxable valuation.

Additionally, the bill clarifies that school districts may provide cash refunds in lieu of tax credits, subject to the approval of the board of county commissioners. The refunds will be issued by the county treasurer to property owners, with any outstanding tax liens being settled first. The distribution of any remaining unobligated cash balance among the receiving school districts will be based on the percentage of the dissolved district's total taxable valuation that was attached to each receiving district.

Statutes affected:
INTRODUCED: 15.1-12-29
Adopted by the Senate Finance and Taxation Committee: 15.1-12-29
FIRST ENGROSSMENT: 15.1-12-29
Prepared by the Legislative Council staff for Senator Powers: 15.1-12-29
Enrollment: 15.1-12-29
SECOND ENGROSSMENT: 15.1-12-29