00 Enrolled SB 62 01 Relating to grants for school construction. 02 _______________ 03 * Section 1. AS 14.11.025 is amended to read: 04 Sec. 14.11.025. State aid for school construction in regional educational 05 attendance areas and small municipal school districts. (a) In addition to other 06 appropriations and funding sources, the department may provide grant funding from 07 the fund established under AS 14.11.030 to a school district that is a regional 08 educational attendance area or a small municipal school district. 09 (b) The amount of money available each fiscal year for expenditure under (a) 10 of this section shall be the annual debt service on debt incurred under AS 14.11.100(a) 11 divided by the percentage of all schools that are located in a city or borough school 12 district that is not a small municipal school district, the quotient of which is to be 13 multiplied by .244. 14 * Sec. 2. AS 14.11.025 is amended by adding a new subsection to read: 15 (c) In this section, "small municipal school district" means a city or borough 01 school district in the state that has an ADM of not more than 300 and in which the 02 district's full value per ADM is not more than $500,000. In this subsection, the 03 district's full value per ADM is determined by dividing the full and true value of the 04 taxable real and personal property in the district, calculated as described in 05 AS 14.17.510, by the district ADM, as defined in AS 14.17.990, for the same fiscal 06 year for which the valuation was made. 07 * Sec. 3. AS 14.11.030(a) is amended to read: 08 (a) The regional educational attendance area and small municipal school 09 district school fund is created as an account in the general fund to be used, in addition 10 to other funding sources, to fund projects approved under AS 14.11.025 for the costs 11 of school construction in regional educational attendance areas and small municipal 12 school districts. 13 * Sec. 4. AS 14.11.030 is amended by adding a new subsection to read: 14 (d) In this section, "small municipal school district" has the meaning given in 15 AS 14.11.025.