HB 477: "An Act increasing the amount of local contributions that may be made to a city or borough school district under the foundation formula; and providing for an effective date."
00HOUSE BILL NO. 477 01 "An Act increasing the amount of local contributions that may be made to a 02 city or borough school district under the foundation formula; and providing for 03 an effective date." 04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 05 * Section 1. AS 14.17.025(b) is amended to read: 06 (b) In addition to the local contributions required under (a) of this section, 07 local contributions to a city or borough school district in a fiscal year may include no 08 more than the greater of 09 (1) the equivalent of a two mill tax levy on the full and true value of 10 the taxable real and personal property in the district as of January 1 of the second 11 preceding fiscal year, as determined by the Department of Community and Regional 12 Affairs under AS 14.17.140 and AS 29.45.110; or 13 (2) 24  percent of the district's basic need for the fiscal year under 14 AS 14.17.021(b), as adjusted under AS 14.17.225(b).