Page:United States Statutes at Large Volume 111 Part 3.djvu/104

 Ill STAT. 2192 PUBLIC LAW 105-100—NOV. 19, 1997 "(3) EXPENDITURES FROM FUND.— "(A) IN GENERAL.— Not later than June 1, 1998, and not later than June 1 of each year thereafter, the Chief Financial Officer of the District of Columbia shall pay, from the New Charter School Fund, to each public charter school described in paragraph (5), an amount equal to 25 percent of the amount yielded by multiplying the uniform dollar amount used in the formula established under section 2401(b) by the total anticipated enrollment as set forth in the petition to establish the public charter school. "(B) PRO RATA REDUCTION. — If the amounts in the New Charter School Fund for any year are insufficient to pay the full amount that each public charter school described in paragraph (5) is eligible to receive under this subsection for such year, the Chief Financial Officer of the District of Columbia shall ratably reduce such amounts for such year on the basis of the formula described in section 2401(b). "(C) FORM OF PAYMENT.— Payments under this subsection shall be made by electronic funds transfer from the New Charter School Fund to a bank designated by a public charter school. "(4) CREDITS TO FUND. —Upon the receipt by a public charter school described in paragraph (5) of— "(A) its first initial payment under subsection (a)(2)(A), the Chief Financial Officer of the District of Columbia shall credit the New Charter School Fund with 75 percent of the amount paid to the school under paragraph (3); and "(B) its first final payment under subsection (a)(2)(B), the Chief Financial Officer of the District of Columbia shall credit the New Charter School Fund with 25 percent of the amount paid to the school under paragraph (3). "(5) SCHOOLS DESCRIBED. — A public charter school described in this paragraph is a public charter school that— "(A) did not enroll any students during any portion of the fiscal year preceding the most recent fiscal year for which funds are appropriated to carry out this subsection; and "(B) operated as a public charter school during the most recent fiscal year for which funds are appropriated to carry out this subsection. " (6) AUTHORIZATION OF APPROPRIATIONS. —T here are authorized to be appropriated to the Chief Financial Officer of the District of Columbia such sums as may be necessary to carry out this subsection for each fiscal year.", (b) REDUCTION OF ANNUAL PAYMENT.— (1) INITIAL PAYMENT.— Section 2403(a)(2)(A) of the District of Columbia School Reform Act (Public Law 104-134; 110 Stat. 1321-139; D.C. Code 31-2853.43(a)(2)(A)) is amended to read as follows: "(A) INITIAL PAYMENT. — "(i) IN GENERAL.— Except as provided in clause (ii), not later than October 15, 1996, and not later than October 15 of each year thereafter, the Mayor shall transfer, by electronic funds transfer, an amount

�