Sec. 22. (a) The amount to be raised by the tax shall be determined in any calendar year by the county auditor and certified to by the board of county commissioners before the time for making the county budgets in the year.
(b) The amount is the total of the entitlements of all qualified school corporations.
(c) The entitlement of each qualified school corporation calculated in a calendar year is an amount equal to the result determined under STEP TWO of the following formula:
STEP ONE: Calculate the quotient of:
(A) the total amount deposited in the fund in calendar year 1979 or the first year in which a deposit was made, whichever is later; divided by
(B) the total count of pupils of the immediately preceding school year of qualified school corporations that received money from the fund in 1979, as determined in the fall count of pupils under IC 20-43-4 for the school year ending in the immediately preceding calendar year.
STEP TWO: Calculate the product of:
(A) the STEP ONE result; multiplied by
(B) the total count of pupils of the immediately preceding school year of qualified school corporations that received money from the fund in 1979, as determined in the fall count of pupils under IC 20-43-4 for the school year ending in the immediately preceding calendar year.
[Pre-2006 Recodification Citation: 21-2-13-7 part.]
As added by P.L.2-2006, SEC.168. Amended by P.L.205-2013, SEC.306; P.L.217-2017, SEC.137.
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