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0 27 <br />BOOK 17 iill <br />3. In fiscal year 1998-1999 the base amount appropriated by the <br />Commissioners to the Board of Education for the annual operating expenses (Current <br />Expense and Capital Outlay) shall be an amount determined by applying a tax rate of <br />thirty-five cents (35¢) per One Hundred Dollars ($100.00)of valuation to the ad valorem <br />tax base of the County. Excluded from the appropriation for the annual operating <br />expenses shall be expenditures for the long range building program. <br />4. Beginning with the fiscal year 1999-2000 the base amount appropriated by <br />the Commissioners to the Board of Education for the annual operating expenses (Current <br />Expense and Capital Outlay) shall be an amount determined by applying a tax rate of <br />thirty-three cents (33¢) per One Hundred Dollars ($100.00) of valuation to the ad valorem <br />tax base of the County. Excluded from the appropriation for the annual operating <br />expenses shall be expenditures for the long range building program. <br />5. This funding plan shall remain in place for at least three (3) fiscal years <br />beginning with the 1998-1999 fiscal year. Both the Commissioners and the Board of <br />Education agree to review this plan no later than September 30, 2000. <br />6. Beginning in February, 1998, and each February thereafter, the <br />Commissioners will provide to the Board of Education an estimated revenue projection <br />based on the anticipated collections for the following fiscal year. <br />7. Distribution to the Board of Education shall be made monthly, with one- <br />twelfth of the appropriated amount for the year being disbursed on or before the fifteenth <br />(15th) day of each month. <br />8. Once the actual ad valorem tax revenues received by the County in any <br />fiscal year exceed the total current ad valorem tax revenues budgeted for that year, the <br />Commissioners will adjust the appropriated amount to the Board of Education based upon <br />a forecast of projected ad valorem tax revenue receipts for the fiscal year and will adjust <br />the remaining monthly distributions accordingly, <br />9. Annually within thirty (30) days of the completion of the County's <br />comprehensive annual financial report, the Commissioners and the Board of Education <br />will reconcile the amounts paid in the previous year and will make adjustments <br />accordingly. <br />10. In any year which Lee County conducts a general revaluation of property <br />for ad valorem tax purposes, the school base tax rate will be adjusted to be revenue <br />neutral. <br />11. If the Board of Education desires to operate schools at a higher standard <br />than that produced by this finding plan, it may seek special legislation by the North <br />Carolina General Assembly to hold an election to allow the voters of Lee County to <br />determine whether or not a special tax shall be levied and collected in the County to <br />