School districts will now be able to deposit more than the $250,000 FDIC-insured amount into a financial institution, such as a credit union or bank.
The financial institution may place the funds into a transaction account with another institution in excess of the insured limit. That money could be deposited throughout the country in an exchange program. The money beyond $250,000 would be insured through another bank’s FDIC account.
Rep. Tim O'Driscoll (R-Sartell), who sponsors the law with Sen. Ted Lillie (R-Lake Elmo), said this will allow schools to deposit funds without risking taxpayer money.
The law is effective April 24, 2012, one day after it was signed by Gov. Mark Dayton.
HF2174*/
SF1737/CH209
Waiting for the governor’s final grade
Omnibus education bill nears finish line
(view full story)
Published 4/27/2012
Last in, first out … out or in?
Conference committee weighs benefits of changing teacher layoff practices
(view full story)
Published 3/30/2012
Education advocate is moving on
Rep. Mindy Greiling announces she won’t seek re-election
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Published 2/3/2012
Withholding state funds from schools
Education finance law keeps $780 million for other General Fund spending
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Published 8/11/2011
First try at K-12 finance bill fails
Dayton says special education cuts ‘would create significant funding gaps’
(view full story)
Published 7/15/2011
‘Bold and beautiful’ or full of inequities?
Confusion exists whether K-12 bill increases or cuts funding
(view full story)
Published 5/20/2011
Minnesota Index: Teaching and learning
Facts and statistics about education in Minnesota
(view full story)
Published 5/20/2011
Lands set apart
Permanent School Fund management, income potential explored
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Published 5/13/2011
‘Social promotion’ to promote literacy
Third-graders could repeat if they can’t read
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Published 4/29/2011
Historic St. Paul walkout
Illegal action changed teacher bargaining; a new debate rises over right to strike
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Published 4/15/2011
Changes in education
House approves omnibus education finance bill
(view full story)
Published 4/1/2011
Education finance bill offers bold reforms
Quantity not as key as quality, says DFL
(view full story)
Published 3/25/2011
A voucher by any other name
Bill would create limited scholarships for low-income students
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Published 3/18/2011
Fewer days, longer hours
Some districts find four-day school week works as a budget fix
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Published 2/18/2011
First Reading: ‘Pitting the good against the good’
Proposed lift of safe schools mandate is a tough call
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Published 2/4/2011
The goal: 25,000 new teachers
Bush Foundation commits big bucks to revamp teacher training
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Published 1/28/2011
First Reading: Alternative teacher mindset
Tackling the achievement gap one classroom at a time
(view full story)
Published 1/21/2011