[Editor's note: This section takes effect only if a ballot question is approved by the people at the next regular general election in November 2020. See the editor's note following this section.](1) As used in this section, unless the context otherwise requires:
"Distribution year" means the budget year in which rural school funding is distributed pursuant to this section.
"Eligible institute charter school" means an institute charter school that has a smallrural district or a large rural district as its accounting district.
"Fund" means the rural schools cash fund created in subsection (5) of this section.
"Large rural district" means a district that the department of education determines isa rural district, based on the geographic size of the district and the distance of the district from the nearest large, urbanized area, and that had a funded pupil count for the budget year immediately preceding the distribution year of at least one thousand but fewer than six thousand five hundred pupils in kindergarten through twelfth grade.
"Per pupil distribution amount" means:
For a large rural district, an amount equal to the amount appropriated pursuant tosubsection (6) of this section for the applicable distribution year multiplied by the percentage specified in subsection (2)(a) of this section and then divided by the sum of the total funded pupil count for the budget year immediately preceding the distribution year of all large rural districts and the total student enrollment for the budget year immediately preceding the distribution year of all eligible institute charter schools that have a large rural district as the accounting district; or
For a small rural district, an amount equal to the amount appropriated pursuant tosubsection (6) of this section for the applicable distribution year multiplied by the percentage specified in subsection (2)(b) of this section and then divided by the sum of the total funded pupil count for the budget year immediately preceding the distribution year of all small rural districts and the total student enrollment for the budget year immediately preceding the distribution year of all eligible institute charter schools that have a small rural district as the accounting district.
(f) "Small rural district" means a district that the department of education determines is a rural district, based on the geographic size of the district and the distance of the district from the nearest large, urbanized area, and that had a funded pupil count for the budget year immediately preceding the distribution year of fewer than one thousand pupils in kindergarten through twelfth grade.
(2) For the 2020-21, 2021-22, and 2022-23 budget years, the department of education shall distribute the amount appropriated pursuant to subsection (6) of this section for the applicable distribution year to large rural districts, small rural districts, and eligible institute charter schools. The department of education shall distribute:
Fifty-five percent of the money appropriated for the applicable distribution year tolarge rural districts and to eligible institute charter schools in large rural districts, as provided in this section; and
Forty-five percent of the money appropriated for the applicable distribution year tosmall rural districts and to eligible institute charter schools in small rural districts, as provided in this section.
(3) (a) The department of education shall distribute to each large rural district and each small rural district an amount equal to the applicable per pupil distribution amount for the applicable distribution year multiplied by the large rural district's or small rural district's funded pupil count for the budget year immediately preceding the distribution year.
(b) Each large rural district and each small rural district that is the authorizer for a charter school shall distribute to the charter school one hundred percent of an amount equal to the applicable per pupil distribution amount for the applicable distribution year multiplied by the number of students enrolled in the charter school for the budget year immediately preceding the distribution year.
The department of education shall calculate for each eligible institute charter schooland distribute to the state charter school institute an amount equal to the applicable per pupil distribution amount for the applicable distribution year multiplied by the number of students enrolled in the eligible institute charter school for the budget year immediately preceding the distribution year. The state charter school institute shall distribute to each eligible institute charter school one hundred percent of the amount received for the eligible institute charter school pursuant to this subsection (4).
The rural schools cash fund is hereby created in the state treasury. The fund consistsof money transferred to the fund pursuant to section 24-22-118 (2). The state treasurer shall credit all interest and income derived from the deposit and investment of money in the rural schools cash fund to the fund.
(a) For the 2020-21 budget year, the general assembly shall appropriate twenty-five million dollars from the fund to the department of education to provide additional funding for large rural districts, small rural districts, and eligible institute charter schools pursuant to this section.
For the 2021-22 budget year, the general assembly shall appropriate thirty milliondollars from the fund to the department of education to provide additional funding for large rural districts, small rural districts, and eligible institute charter schools pursuant to this section.
For the 2022-23 budget year, the general assembly shall appropriate thirty-five million dollars from the fund to the department of education to provide additional funding for large rural districts, small rural districts, and eligible institute charter schools pursuant to this section.
Each district, district charter school and eligible institute charter school that receivesmoney pursuant to this section shall report to the department of education, by a date determined by the department, the specific expenditures for which the district or charter school used the money received pursuant to this section.
This section is repealed, effective July 1, 2023.
Source: L. 2020: Entire section added, (HB 20-1427), ch. 248, p. 1204, § 20, effective ___. (See editor's note.)
Editor's note: This section was added by HB 20-1427. That bill contains a ballot question and will be submitted to a vote of the registered electors of the state of Colorado at the next biennial regular general election in 2020 for its approval or rejection. This section takes effect upon the proclamation of the Governor if the ballot question is approved by the registered electors.