(1) There is created a Commission on Restructuring the Mississippi Adequate Education Program (MAEP). The commission shall, at a minimum, study and report on the following factors related to MAEP:

(a) Efficiency;

(b) Local contributions to MAEP;

(c) Base student cost;

(d) Selection of school districts for funding calculations;

(e) The factors that contribute to high performing schools;

(f) Add-on programs;

(g) High growth districts;

(h) At-risk student funds; and

(i) Determination of average daily attendance.

(2) The State Board of Education shall contract with a consulting firm that has expertise in public school funding formulas to assist the commission with the study. The commission shall make a report of its findings and recommendations to the Legislature by November 1, 2005, including any recommended legislation. The commission shall continue in existence and shall conduct a periodic study to update its recommendations relative to MAEP and make a report by November 1 in the first year of every four-year term of office of statewide officials and legislators.

(3) The commission shall be composed of the following seventeen (17) members:

(a) The Chairmen of the House and Senate Education Committees;

(b) The Chairmen of the House and Senate Appropriation Committees;

(c) Three (3) representatives to be appointed by the Speaker of the House, at least one (1) of which shall be a member of the Joint Legislative Budget Committee;

(d) Three (3) Senators to be appointed by the Lieutenant Governor, at least one (1) of which shall be a member of the Joint Legislative Budget Committee;

(e) The State Superintendent of Education, or his designee;

(f) The Associate State Superintendent of Education for Accountability;

(g) The State Auditor, or his designee;

(h) A local school superintendent appointed by the Governor;

(i) A local school business administrator designated by the Mississippi School Boards Association;

(j) A member of the State Board of Education appointed by the Chairman of the board; and

(k) The Executive Director of the Legislative Budget Office.

(4) Appointments shall be made within thirty (30) days after the July 1, 2005. The commission shall hold its first meeting before August 1, 2005. The Chairman of the House Education Committee and the Chairman of the Senate Education Committee shall serve as co-chairmen of the commission.

(5) A majority of the members of the task force shall constitute a quorum. In the adoption of rules, resolutions and reports, an affirmative vote of a majority of the task force shall be required. All members shall be notified in writing of all meetings, such notices to be mailed at least five (5) days prior to the date on which a meeting is to be held.

(6) Members of the commission may not be compensated for the performance of their duties. Any incidental costs associated with conducting the study shall be paid by the State Department of Education.

(7) The commission is authorized to accept money from any source, public or private, to be expended in implementing its duties under this section.

(8) To effectuate the purposes of this section, any department, division, board, bureau, commission or agency of the state or of any political subdivision thereof shall, at the request of the chairperson of the task force, provide to the commission such facilities, assistance and data as will enable the commission to properly carry out its duties.