MR. PRESIDENT:
I move
that Senate Bill 260 be amended to read as follows:
Page 6, line 38, delete "An" and insert " To comply with this
subsection, the eligible unit must comply with all of the following:
(1) If the eligible unit used county adjusted gross income tax of
county option income tax revenues in 1998 for total pension
payments, the eligible unit must expend at least the same amount
of county adjusted gross income tax of county option income tax in
each year after 2000 and before 2008 for total pension payments.
(2) If the eligible unit used ad valorum property revenues in
1998 for total pension payments, the eligible unit must expend at
least the same amount of ad valorum property revenues in each
year after 2000 and before 2008 for total pension payments.
(3) If the eligible unit used any other revenue in 1998 for total
pension payments, the eligible unit must expend at least the same
amount of other revenue in each year after 2000 and before 2008
for total pension payments.
If in any year the sum of the total local revenue that an eligible unit
must expend under this subsection for total pension payments plus
the total state distribution for which the eligible unit is eligible
under section 4, 4.5 and 4.7 of this chapter exceed the eligible unit's
total pension payment obligation, the state board shall reduce the
distribution under section 4.7 of this chapter in the amount of the
excess.".
Page 6, delete lines 39 through 41.
(Reference is to SB 260 as printed January 30, 2001.)