The Education Committee recommends S.B. 111, EDUCATION FUNDING EQUALIZATION, by Senator A. Osmond, be replaced and favorably recommends 2nd Sub. S.B. 111, EDUCATION FUNDING EQUALIZATION with the following amendments:

1.    Page 15, Lines 448 through 457 :    

             448          (1) (a) Except as provided in Subsection (1)(b), as used in this section, "basic levy
             449      increment rate" means a rate equal to the lesser of:
             450          (i) the difference between:
             451          (A) a rate of .001691; and
             452          (B) the certified revenue levy; and
             453          (ii) a rate that:
             454          (A) provides an amount of ad valorem property tax revenue equal to $100,000,000; and
             455          (B) is calculated in the same manner as the certified revenue levy.
             456          (b) If the difference calculated in Subsection (1)(a)(i) is less than zero, "basic levy
             457      increment rate" means a rate equal to

        Stuart C. Reid
        Committee Chair

Voting: 5-1-2
7 SB0111.SC1.wpd tiffanystanley/TAS RLR/LGE 2/10/14 4:21 pm