08 LC 18
6915
House
Bill 1057
By:
Representatives Jamieson of the
28th,
Porter of the
143rd,
Ashe of the
56th,
Smyre of the
132nd,
Wix of the
33rd,
and others
A
BILL TO BE ENTITLED
AN ACT
AN ACT
To
amend Code Section 45-12-93 of the Official Code of Georgia Annotated, relating
to the Revenue Shortfall Reserve, so as to provide for additional authority to
appropriate and release funds from the Revenue Shortfall Reserve; to provide for
an effective date; to repeal conflicting laws; and for other
purposes.
BE
IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:
SECTION
1.
Code
Section 45-12-93 of the Official Code of Georgia Annotated, relating to the
Revenue Shortfall Reserve, is amended by revising subsection (c) as
follows:
"(c)(1)
Except as otherwise provided in paragraph (2) of this subsection,
for
For
each existing fiscal year, the General Assembly may appropriate from the Revenue
Shortfall Reserve an amount up to 1 percent of the net revenue collections of
the preceding fiscal year for funding increased K-12 needs.
(2)
Any other provision of law notwithstanding, the General Assembly shall be
authorized to appropriate $300 million for the state fiscal year beginning July
1, 2008, from the Revenue Shortfall Reserve for funding increased K-12 needs.
Such funds shall be made available to each school system on a pro rata basis in
accordance with the ratio the full-time equivalent student enrollment of each
school district bears to the total full-time equivalent student enrollment of
all school districts in this state. As a condition precedent to the receipt of
such proceeds, a school district shall implement a dollar-for-dollar rollback of
ad valorem property taxes for educational purposes which shall be reflected on
the property tax digest submitted to the Department of
Revenue."
SECTION
2.
This
Act shall become effective upon its approval by the Governor or upon its
becoming law without such approval.
SECTION
3.
All
laws and parts of laws in conflict with this Act are repealed.