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TO APPROPRIATE $8,000,000 FROM THE STATE GENERAL FUND SURPLUS REVENUES TO SUPPLEMENT THE SCHOOL DISTRICTS NEGATIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. There is appropriated from fiscal year 2006-2007 state general fund surplus revenues to the State Department of Education an amount equal to $8,000,000 to supplement the school districts that are negatively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability. The school districts supplemented by these funds must be separate from the school districts supplemented by the Education Finance Act reserve funds. Funds appropriated pursuant to this act that are not expended before July 1, 2008, must revert back to the state general fund.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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