The bill modifies education finance in Minnesota, specifically concerning debt relief for school districts affected by natural disasters. It changes an existing program to help schools with significant property damage from such disasters that isn't covered by insurance or federal aid. Additionally, districts where at least 30% of property value is non-taxable can also get aid. The bill defines how these districts can calculate and apply for this aid, determining the aid amount based on a formula involving local tax capacities and pupil units. Essentially, it's designed to give financial assistance to districts facing exceptional challenges from natural disasters, helping them handle the extra financial burdens of repairing and maintaining school facilities.