The state treasurer shall distribute to the cities and towns each year the amount appropriated by the general court according to an equalized formula calculated by taking for each city and town the amount of local property taxes assessed, including current distributions of state revenues to local governments, exclusive of educational funds; dividing that sum by the local equalized valuation as determined by the department of revenue administration; and multiplying the result by the local population to produce an equalizing factor for each city and town. Such equalizing factors shall be added together to produce a total state sum. Each local equalizing factor shall be divided by the total state sum to produce for each city and town a normalized factor. Each such normalized factor shall be multiplied by the total amount to be distributed to the cities and towns to produce the annual share of each city or town. Under no circumstances shall the amount appropriated under this section be less than $47,300,000 annually. Provided, however, that no city or town shall receive under the provisions of this section an amount less than the sum of:
RSA 31-A:4
1970, 5:16. 1971, 557:73. 1977, 593:6. 1981, 568:122, I. 1983, 469:51. 1993, 352:2, 3, eff. July 1, 1994. 1999, 17:10, eff. April 29, 1999.