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TO SUPPLEMENT THE SCHOOL DISTRICTS NEGATIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY, AND TO PROVIDE THAT A SCHOOL DISTRICT POSITIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY SHALL DIRECT THE EXCESS FUNDS TOWARDS NONRECURRING ALLOWABLE EXPENDITURES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) For FY 2007-08, the State Department of Education must use any Education Finance Act funds unexpended after each school district received the funds necessary to fully fund the base student cost as appropriated to supplement the school districts that are negatively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability. These unexpended Education Finance Act funds shall be exhausted before utilizing available unexpended Education Finance Act reserve funds.
(B) For FY 2007-08, upon notification from the State Department of Education, the State Treasurer must disburse to the State Department of Education sufficient Education Finance Act reserve funds to supplement the school districts that are negatively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability. The disbursement must be from any Education Finance Act reserve funds unexpended after each school district that has been projected to receive less state Education Finance Act funds in FY 2007-08 than in FY 2006-07 has received the funds necessary to supplement the school district's annual disbursement to the prior fiscal year's equivalent and after all available unexpended Education Finance Act funds have been exhausted.
(C) For FY 2007-08, any school district positively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability shall direct the excess funds towards nonrecurring allowable expenditures.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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