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HB 294: "An Act relating to the formula funding public education; and providing for an effective date."

00HOUSE BILL NO. 294 01 "An Act relating to the formula funding public education; and providing for an 02 effective date." 03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 04 * Section 1. AS 14.17.025(a) is amended to read: 05  (a) Local contributions to a city or borough school district must include at least 06 the lesser of 07  (1) the equivalent of a four mill tax levy on the full and true value of 08 the taxable real and personal property in the district as of January 1 of the second 09 preceding fiscal year, as determined by the Department of Community and Regional 10 Affairs under AS 14.17.140 and AS 29.45.110; or 11  (2) 40 [35] percent of the district's basic need for the preceding fiscal 12 year, as determined under AS 14.17.021(c). 13 * Sec. 2. AS 14.17.056 is amended to read: 14  Sec. 14.17.056. Instructional unit value. The instructional unit value is

01 $64,000 [$61,000]. 02 * Sec. 3. This Act takes effect July 1, 1998.