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TO AMEND SECTION 59-20-40 OF THE 1976 CODE, RELATING TO THE REQUIRED LOCAL EFFORT FOR SCHOOL DISTRICTS, TO PROVIDE THAT NO SCHOOL DISTRICT'S EFFORT PRODUCE MORE THAN SEVENTY-FIVE PERCENT OF THE DISTRICT'S FOUNDATION PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-20-40(1)(f)(6) of the 1976 Code is amended to read:
"(6) No district shall be required to increase local revenue if combined state and local revenue exceeds the amount necessary to meet the base student cost of the minimum foundation program at full implementation.
Following the computations prescribed in Section 59-20-40, and not affecting the computations prescribed in Section 59-20-40, no school district's revenue from required local effort millage will produce more than seventy-five percent of the district's total foundation program calculation. The State shall include the additional funding required to produce no more than twenty-five percent of the school district's total foundation program calculation. The additional funding shall be considered in the definition of public school purposes as required in Section 59-21-1010(A)."
SECTION 2. This act takes effect upon approval by the Governor.
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