Section 16-7-39 - Computation of school housing-aid ratioFor each community, the percent of state aid for school housing costs shall be computed in the following manner:
(1) The adjusted equalized weighted assessed valuation for the district is divided by the resident average daily membership for the district (grades twelve (12) and below); (2) The adjusted equalized weighted assessed valuation for the state is divided by the resident average daily membership for the state (grades twelve (12) and below); (1) is then divided by (2) and the resultant ratio is multiplied by a factor currently set at sixty-two percent (62%) which represents the approximate average district share of school support; the resulting product is then subtracted from one hundred percent (100%) to yield the housing aid share ratio, provided that in no case shall the ratio be less than thirty percent (30%). Provided, that effective July 1, 2010, and annually at the start of each fiscal year thereafter, the thirty percent (30%) floor on said housing-aid share shall be increased by five percent (5%) increments each year until said floor on the housing-aid share ratio reaches a minimum of not less than forty percent (40%). This provision shall apply only to school housing projects completed after June 30, 2010, that received approval from the board of regents prior to June 30, 2012. Provided further, for the fiscal year beginning July 1, 2012, and for subsequent fiscal years, the minimum housing aid share shall be thirty-five percent (35%) for all projects receiving council on elementary and secondary education approval after June 30, 2012. The resident average daily membership shall be determined in accordance with § 16-7-22(1).(2) No district shall receive a combined total of more than twenty (20) incentive percentage points for projects that commence construction by June 30, 2024, and five (5) incentive points for projects that commence construction thereafter; provided further, these caps shall be in addition to amounts received under §§ 16-7-40(a)(1) and 16-7-40(a)(2). Furthermore, a district's share shall not be decreased by more than half of its regular share irrespective of the number of incentive points received nor shall a district's state share increase by more than half of its regular share, including amounts received under §§ 16-7-40(a)(1) and 16-7-40(a)(2), irrespective of the number of incentive points received. Provided further that the aforementioned limit on the state share increasing by more than half of its regular share shall not apply to projects submitted for reimbursement after July 1, 2023.Amended by 2023 Pub. Laws, ch. 79, § 8-1, eff. 6/16/2023.Amended by 2018 Pub. Laws, ch. 47, § 9-1, eff. 6/22/2018.P.L. 1960, ch. 26, § 5; P.L. 1964, ch. 242, art. 7, § 1; P.L. 1981, ch. 252, § 1; P.L. 1988, ch. 84, § 44; P.L. 1989, ch. 490, §1; P.L. 2001 , ch. 24, art. 3, §1; P.L. 2003 , ch. 376, art. 9, §1; P.L. 2010 , ch. 124, § 1; P.L. 2010 , ch. 125, § 1; P.L. 2012 , ch. 241, art. 12, § 3.