1999 Session

Budget Amendments - HB1450 (Member Request)

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Chief Patron: Day
Public School Endowment Funds

Item 138 #26h

Item 138 #26h

First Year - FY1999 Second Year - FY2000
Education: Elementary and Secondary
Direct Aid To Public Education FY1999 $0 FY2000 $25,000,000 GF

Page 112, line 10, strike "$2,253,054,721" and insert "$2,278,054,721".
Page 112, line 41, insert:
"Public School Endowment Fund (17525)..........   $0            $25,000,0000".
Page 135, after line 41, insert:
"18.  Public School Endowment Fund
a.  An additional payment of $25,000,000 the second year from the general fund shall be disbursed by the Department of Education to local school divisions for their use in establishing public school endowment funds.  Proceeds from the fund shall be governed by local school boards.
b.  Payments to school divisions shall be based on a state share per pupil in adjusted average daily membership and shall be made to any school division that certifies to the Department of Education that such funds will be used to set up an endowment fund, or add to an existing endowment fund.  Localities receiving these payments are required to match these funds based on the composite index of local ability-to-pay."

(This amendment is self-explanatory.)