Section 29-3-137 - Disbursement of funds to Chickasaw counties; powers and duties of State Department of Education; issuance of promissory notes by school districts in Chickasaw counties to purchase school buses(1) Beginning with the 1985-1986 fiscal year the Legislature of the State of Mississippi shall appropriate to the State Department of Education a sum of One Million Dollars ($1,000,000.00) to be disbursed to the Chickasaw counties, and an additional One Million Dollars ($1,000,000.00) each succeeding fiscal year thereafter until a maximum appropriation of Five Million Dollars ($5,000,000.00) is made for the fiscal year 1989-1990. Beginning with the appropriation for the 1990-1991 fiscal year, the amount appropriated under the provisions of this section shall not exceed the total average annual expendable revenue received by the Choctaw counties from school lands, or Five Million Dollars ($5,000,000.00), whichever is the lesser.(2) The State Department of Education is hereby authorized, empowered and directed to allocate for distribution such funds appropriated each year under subsection (1) of this section in proportion to the amount of funding allotted under the total funding formula provided for in this act, to such school districts affected by the sale of Chickasaw cession school lands. School districts not wholly situated in Chickasaw cession affected territory shall receive a prorated amount of such allocation based on the percentage of such lands located within the district. Provided further, that the State Department of Education shall, in addition, deduct from each affected school district's allocation the amount such district shall receive from interest payments from the Chickasaw School Fund under Section 212, Mississippi Constitution of 1890 for each fiscal year. The department shall document the foregoing computation in its annual budget request for the appropriation to the Chickasaw School Fund, and shall revise its budget request under such formula as the average annual revenues from sixteenth section school lands fluctuate.Laws, 1985, ch. 23, § 1; Laws, 1988, ch. 432, eff. 4/25/1988.Amended by Laws, 2024, ch. 484, HB 4130,§ 27, eff. 7/1/2024.