79-10,150.

Special education expenditures; extraordinary increase, expected; application for payment; procedure; payment, how made.

(1) On or before January 15 of each school fiscal year, a school district with expected special education expenditures that total (a) at least fifty thousand dollars annually or (b) one-half percent or more of such school district's annual budget, whichever is greater, may submit an application as prescribed by the State Department of Education to the department for a payment from the Education Future Fund to cover an extraordinary increase in special education expenditures pursuant to the requirements of this section. Such application shall include the special education expenditures of the applicant school district as of the immediately preceding December 31 for the school fiscal year in which the application is submitted.

(2) The department shall divide the special education expenditures for the school fiscal year immediately preceding the school fiscal year in which an application is submitted by two and multiply the result by one hundred seven percent for each applicant school district.

(3) Each applicant school district shall qualify for a maximum payment equal to the difference of the special education expenditures for the current school fiscal year submitted pursuant to subsection (1) of this section minus the amount calculated pursuant to subsection (2) of this section for such school district for such school fiscal year.

(4) The department shall make a payment to each applicant school district on or before January 31 for the school fiscal year in which the application is submitted. Such payment shall equal the maximum payment determined pursuant to subsection (3) of this section, except that if the sum of all maximum payments for applicant school districts for such school fiscal year exceeds the available balance for such purpose in the Education Future Fund, each payment shall be reduced proportionally so that the sum of all payments for applicant school districts for such school fiscal year equals the available balance for such purpose in the fund.