Section 59-21-340 - Application of grantsThe Board shall annually apply sums allocated under Section 59-21-320 in the following order:
(a) There shall first be reserved and set aside such amount as may be necessary to pay principal and interest payments becoming due that year on State school bonds. (b) The balance remaining each year after deducting the amount reserved in (a) above shall be credited on the books of the Board to the several school districts in the State, apportioned in the ratio that the enrollment of each school district bears to the enrollment of the State as a whole. Provided, that of the funds available in 1967-68 for allocation to school districts under the provisions of Sections 59-21-340 and 59-71-550, as amended in 1967 Act No. 485, there shall first be apportioned among the several school districts sufficient funds to have made available to all districts at least ninety percent of the funds available to them under the provisions of Article 3 of Chapter 21 of Title 59, as now constituted. Remaining funds for 1967-68 shall be apportioned in accordance with the provisions of Sections 59-21-340 and 59-71-550, as amended.1967 (55) 719; 1953 (48) 181; 1951 (47) 546; 1952 Code Section 21-274; 1962 Code Section 21-274.