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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 59-20-22 SO AS TO PROVIDE THAT NOTWITHSTANDING A SCHOOL DISTRICT'S INDEX OF TAXPAYING ABILITY, THE MINIMUM STATE FUNDS A SCHOOL DISTRICT SHALL RECEIVE IN ANY YEAR IS FORTY PERCENT OF THE APPLICABLE YEAR'S BASE STUDENT COST, AND TO PROVIDE THAT THE DIFFERENCE BETWEEN WHAT A DISTRICT WOULD RECEIVE UNDER THIS REQUIREMENT AND UNDER THE EDUCATION FINANCE ACT NORMALLY MUST BE PAID FROM THE GENERAL FUND OF THE STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 20, Title 59 of the 1976 Code is amended by adding:
"Section 59-20-22. Notwithstanding a school district's index of taxpaying ability, the minimum state funds a district shall receive in any year is forty percent of the applicable year's base student cost. The difference between what a school district would receive in a particular year from its normal distribution under the Education Finance Act and what a district would receive as required by this section must be paid from the general fund of this State."
SECTION 2. This act takes effect upon approval by the Governor.
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