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.