Natural disaster debt service equalization aid program broadening to assist school district with a high percentage of property excluded from the tax rolls

SF 437 broadens Minnesota's natural disaster debt service equalization aid program to include school districts where at least 30% of property value is excluded from taxable property. Previously, this aid only covered districts affected by natural disasters causing $500,000+ in damages not covered by insurance or federal aid. The bill amends Minnesota Statutes sections 123B.535 and 127A.49 to add this new eligibility criterion, allowing districts to qualify based solely on property tax exclusion. This change ensures more school districts can access financial assistance for debt service costs on bonds used for repairs or replacements.