2001 Session

Budget Amendments - SB800 (Committee Approved)

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Composite Index - Joint Property (language only)

Item 143 #11s

Item 143 #11s

Education: Elementary and Secondary
Direct Aid To Public Education

Page 138, after line 8, insert:
"e.  In the event that two or more local governments enter into agreements for joint or regional economic development programs that result in disproportionate increases in the true value of real property for one or more of the participating local governments, the Board of Education shall make adjustments to the assignment of those affected property values when computing the composite index of local ability-to-pay.  These adjustments shall be based upon a written request from the affected localities signed by the chief administrative officer for each locality, the superintendent for each affected school division, and witnessed and sealed by the clerks for each locality.  The request shall establish the total real property value of the program or project and the amounts that should be allocated to each locality to provide for a proportional distribution of the real property value to each locality for the base year that is being used to compute the composite index.  This request must be submitted to the Board of Education prior to July 1 of each odd-numbered year in which the composite index is approved for the computation of education funding in the next biennium."

(This amendment provides for the prorated distribution, in the calculation of the composite index of local ability-to-pay, of the property value increases which occur as a result of joint or regional economic development programs.)