Sec 15-1468. Equalization aid for community college districts

A. Subject to legislative appropriation, any district that is organized pursuant to section 15-1402 and that has less than the amount of primary assessed valuation prescribed in section 15-1402 shall be paid by this state an amount equal to the following:

1. The difference between the prior year's actual primary assessed valuation of the district and the amount of primary assessed valuation prescribed in section 15-1402.

2. The actual prior year's primary property tax rate for the district.

3. The difference determined in paragraph 1 multiplied by the lesser of the tax rate determined in paragraph 2 or one dollar thirty-seven cents.

B. The equalization aid provided for in subsection A of this section shall be used for the same purposes specified in section 15-1462 and shall be apportioned to any qualifying district pursuant to section 15-1467.

C. This section does not apply to community college districts organized pursuant to section 15-1402.01 or to community college tuition financing districts as prescribed in section 15-1409.