Subject to the provisions of article VII, the interstate board shall first apply against such appropriation any income to which the interstate district is entitled, and shall then apportion the balance among the member districts in accordance with one of the following formulas as determined by the articles of agreement as amended from time to time: [PL 1981, c. 693, §§5, 8 (NEW).]
1. Taxable property. All of such balance to be apportioned on the basis of the ratio that the fair market value of the taxable property in each member district bears to that of the entire interstate district; or

[PL 1981, c. 693, §§5, 8 (NEW).]

Terms Used In Maine Revised Statutes Title 20-A Sec. 3637

  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Membership: means active participation in the program of a school from the date of enrollment to the time the student withdraws or is absent from the school for 10 consecutive days for reasons other than illness. See Maine Revised Statutes Title 20-A Sec. 15001
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
2. Resident membership. All of such balance to be apportioned on the basis that the average daily resident membership for the preceding fiscal year of each member district bears to that of the average daily resident membership of the entire interstate school district; or

[PL 1981, c. 693, §§5, 8 (NEW).]

3. Combined formula. A formula based on any combination of the foregoing factors. The term “fair market value of taxable property” shall mean the last locally assessed valuation of a member district in New Hampshire, as last equalized by the New Hampshire state tax commission.
The term “fair market value of taxable property” shall mean the equalized grand list of a Maine member district, as determined by the Maine Bureau of Revenue Services.
Such assessed valuation and grand list may be further adjusted, by elimination of certain types of taxable property from one or the other or otherwise, in accordance with the articles of agreement, in order that the fair market value of taxable property in each state shall be comparable.
“Average daily resident membership” of the interstate district in the first instance shall be the sum of the average daily resident membership of the member districts in the grades involved for the preceding fiscal year where no students were enrolled in the interstate district schools for such preceding fiscal year.

[PL 1981, c. 693, §§5, 8 (NEW); PL 1997, c. 526, §14 (AMD).]

SECTION HISTORY

PL 1981, c. 693, §§5,8 (NEW). PL 1997, c. 526, §14 (AMD).