(1) Notwithstanding the provisions of section 2-3-303.3, there is hereby created the legislative interim committee on school finance, referred to in this part 19 as the "interim committee", to study the issues described in section 2-2-1902 and create a new school finance funding formula. The interim committee will meet during the 2017 and 2018 legislative interims. The interim committee consists of:

(a) Five members of the senate, three of whom the president of the senate shall appoint and two of whom the minority leader of the senate shall appoint; and

(b) Five members of the house of representatives, three of whom the speaker of the house of representatives shall appoint and two of whom the minority leader of the house of representatives shall appoint.

(2) (a) The appointing authorities shall appoint the members of the interim committee as soon as possible after June 2, 2017, but no later than July 1, 2017. The appointing authorities shall, to the extent practicable, ensure that the members of the interim committee represent school districts in all areas of the state, including urban, suburban, and rural school districts, school districts of varying wealth in property tax and other local revenues, and school districts with varying student demographics. If a vacancy arises on the interim committee, the appropriate appointing authority shall appoint an appropriate person to fill the vacancy as soon as possible.

(b) The speaker of the house of representatives shall appoint the chair of the interim committee for the first interim and the vice-chair of the interim committee for the second interim. The president of the senate shall appoint the vice-chair of the interim committee for the first interim and the chair of the interim committee for the second interim.

(3) The chair of the interim committee shall schedule the first meeting of the interim committee to be held no later than August 1, 2017. The interim committee may meet up to five times during each interim.

(4) The chair and vice-chairof the interim committee may appoint subcommittees as necessary to provide technical assistance to the interim committee. A subcommittee may include members of the interim committee and persons with technical expertise in school finance. Members of a subcommittee serve without compensation and without reimbursement for expenses.

(5) The director of research of the legislative council and the director of the office of legislative legal services shall provide staff assistance to the interim committee.

(6) The interim committee may introduce up to a total of five bills, joint resolutions, and concurrent resolutions in each of the 2018 and 2019 legislative sessions. Bills that the interim committee introduces are exempt from the five-bill limitation specified in rule 24 (b)(1)(A) of the joint rules of the senate and the house of representatives. Joint resolutions and concurrent resolutions that the interim committee introduces are exempt from the limitations set out in rule 26 (g) of the rules of the house of representatives and rule 30 (f) of the rules of the senate. The interim committee is exempt from the requirement specified in rule 24 (b)(1)(D) and rule 24A (d)(8) of the joint rules of the senate and the house of representatives and in section 2-3-303 (1)(f), to report bills or other measures to the legislative council.

(7) All expenditures that the interim committee incurs, including the cost of contracting with a private entity as provided in section 2-2-1902 (3), are subject to approval by the chair of the interim committee and, if approved, shall be paid by vouchers and warrants drawn as provided by law from appropriations made by the general assembly for the purposes of this part 19.