‘Sec. XXXX-47. Maximum disparity between mill rates. Notwithstanding any other provision of law to the contrary, beginning July 1, 2008, no municipality may pay as part of its local allocation more than twice the mill rate of any other municipality within that same school administrative unit. No later than January 31, 2008, the Commissioner of Education shall submit to the Joint Standing Committee on Education and Cultural Affairs proposed legislation necessary to implement this section. Following receipt and review of the proposed legislation, the Joint Standing Committee on Education and Cultural Affairs may submit legislation to the Second Regular Session of the 123rd Legislature.’