The proposed amendments to section 15.1-12-29 of the North Dakota Century Code focus on the distribution of the unobligated cash balance from a dissolved school district. The bill introduces a new provision allowing the county committee to distribute up to $49,500 of the remaining unobligated cash balance to another political subdivision within the geographic boundaries of the dissolved school district. After this distribution, any remaining funds will be allocated as tax credits to real property owners based on their taxable valuation relative to the dissolved district's total valuation.

Additionally, the bill clarifies that school districts may provide cash refunds instead of tax credits, contingent upon the approval of the board of county commissioners. The cash refunds will be calculated proportionately based on the total taxable value of the dissolved district during its last year of taxation. The bill also mandates that after fulfilling the obligations to property owners, any leftover unobligated cash balance must be distributed among the receiving school districts based on the percentage of the dissolved district's total taxable valuation that was attached to them. The bill is declared an emergency measure, indicating its immediate importance.

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
SECOND ENGROSSMENT: 15.1-12-29