Page:United States Statutes at Large Volume 108 Part 5.djvu/260

 108 STAT. 3750 PUBLIC LAW 103-382—OCT. 20, 1994 "(C) had an assessed walne (determined as of the time or times when so acquired) aggregating 10 percent or more of the assessed value of— "(i) all real property in the local educational agency (similarly determined as of the time or times when such Federal property was so acquired); or "(ii) all real property in the local educational agency as assessed in the first year preceding or succeeding acquisition, whichever is greater, only if— "(I) the assessment of all real property in the local educational agency is not made at the same time or times that such Federal property was so acquired and assessed; and "(II) State law requires an assessment be made of property so acquired; and "(2) that such agency is not being substantially compensated for the loss in revenue resulting from such ownership by increases in revenue accruing to the agency from the conduct of Federal activities with respect to such Federal property, then such agency shall be eligible to receive the amount described in subsection (b). " (b) AMOUNT.— "(1) IN GENERAL.—(A)(i) The amount that a local educational agency shall be paid under subsection (a) for a fiscal year shall be calculated in accordance with paragraph (2), except that such amount shall be reduced by the Secretary by an amount equal to the amount of revenue, if any, that such agency received during the previous fiscal year from activities conducted on such Federal property. "(ii) For purposes of clause (i), the amount of revenue that a local educational agency receives during the previous fiscal year from activities conducted on Federal property shall not include payments received by the agency from the Secretary of Defense to support— "(I) the operation of a domestic dependent elementary or secondary school; or "(II) the provision of a free public education to dependents of members of the Armed Forces residing on or near a military instsdlation. "(B) If funds appropriated under section 8014(a) are insufficient to pay the amount determined under subparagraph (A), the Secretary shall ratably reduce the payment to each eligible local educational agency. "(C) Notwithstanding any other provision of this subsection, a local educational agency may not be paid an amount under this section that, when added to the amount such agency receives under section 8003(b), exceeds the maximum amount that such agency is eligible to receive for such fiscal year under section 8003(b)(1)(C). " (2) APPLICATION OF CURRENT LEVIED REAL PROPERTY TAX RATE.— In calculating the amount that a local educationsJ agency is eligible to receive for a fiscal year, the Secretary shall apply the current levied real property tax rate for current expenditures levied by fiscally independent local educational agencies, or imputed for fiscally dependent local educational agencies, to the current annually determined aggregate assessed vsdue of such acquired Federal property.

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