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TO PROVIDE THAT ONE-HALF OF THE SURPLUS GENERAL FUND REVENUE FROM FISCAL YEAR 2006-07 UNTIL FISCAL YEAR 2015-16 MUST BE SET ASIDE BY THE STATE TREASURER IN A SEPARATE ACCOUNT DESIGNATED FOR PUBLIC SCHOOL INFRASTRUCTURE PURPOSES AND PROVIDE THAT THE DEPARTMENT OF EDUCATION SHALL ALLOCATE THE FUNDS TO SCHOOL DISTRICTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) One-half of the surplus general fund revenue from fiscal year 2006-07 until fiscal year 2015-16 must be set aside by the State Treasurer in a separate account designated for public school infrastructure purposes. Earnings on this fund must be credited to it and unexpended fund revenues remain in the fund and are carried forward to succeeding fiscal years.
(B) The Department of Education shall allocate the funds to school districts based on a school district's level of need pursuant to criteria established by the State Board of Education.
(C) The State Board of Education shall promulgate regulations to establish criteria to determine a school district's level of need.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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