R277-485-4. Funding

  (1) The Superintendent shall allocate funding to an eligible district under Subsection R277-485-3(1) using the unencumbered MSP carryforward balance.

  (2) The Superintendent may only award funds to a district under this rule after all other authorized uses of the carryforward balance have been carried out.

  (3) The total amount of funds made available for distribution shall be equal to the lesser of:

  (a) the sum of lost ADM in eligible districts multiplied by 25 percent of the current year value of the WPU; or

  (b) 25 percent of the current unencumbered MSP carryforward balance.

  (4) The Superintendent shall distribute available funds in proportion to lost ADM (90 percent) and prior year local effort (10 percent) among eligible districts.

  (5) The Superintendent may not fund an eligible district if there are not any current year unencumbered MSP funds.

  (6) The Superintendent shall distribute funds annually in one lump sum with the mid-year update of the current year MSP.