Download This Version in Microsoft Word format
TO SUPPLEMENT WITH UNCLAIMED LOTTERY PRIZE MONEY THE SCHOOL DISTRICTS NEGATIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY, TO SUSPEND FISCAL YEAR 2007-2008 ALLOCATIONS OF THE UNCLAIMED PRIZE MONEY, TO PROVIDE FOR USE OF EDUCATION FINANCE ACT RESERVE FUNDS AFTER THAT, AND TO PROVIDE THAT A SCHOOL DISTRICT POSITIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY DIRECT THE EXCESS FUNDS TOWARD NONRECURRING ALLOWABLE EXPENDITURES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Notwithstanding another provision of law to the contrary, for Fiscal Year 2007-2008, the unclaimed prize funds from the South Carolina Education Lottery Account must be allocated to the State Department of Education and used 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 unclaimed prize funds must be exhausted before utilizing available unexpended Education Finance Act reserve funds. For Fiscal Year 2007-2008, the allocations of Section 59-150-230(I) of the 1976 Code and Paragraph 1AA.7 of Part 1B of Act 117, General Appropriations Bill H.3620, Fiscal Year 2007-2008, are suspended.
(B) For Fiscal Year 2007-2008, 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 Fiscal Year 2007-2008 than in Fiscal Year 2006-2007 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 and unclaimed lottery prize funds have been exhausted.
(C) For Fiscal Year 2007-2008, any school district positively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability shall direct the excess funds toward nonrecurring allowable expenditures.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
This web page was last updated on Monday, June 22, 2009 at 2:58 P.M.