Sec. 1. State valuation for Town of Ashland for year 2003. Resolved: That, due to the sudden and severe disruption of valuation caused by changes in the economics and operations of the biomass electrical generation industry, notwithstanding the Maine Revised Statutes, Title 36, sections 208 and 208-A, the State Tax Assessor shall reduce the state valuation for the Town of Ashland for the year 2003 state valuation to $66,950,000; and be it further

Sec. 2. General purpose aid for local schools; Ashland. Resolved: That the Commissioner of Education shall adjust the payments to the Town of Ashland for general purpose aid for local schools in fiscal year 2003-04 to reflect the revised 2003 state valuation provided by this resolve. If any savings occurs in the fiscal year 2003- 04 General Purpose Aid for Local Schools account, the appropriate amount of those savings must be applied to increase the Ashland school administrative unit's general purpose aid for local schools in fiscal year 2003-04. If insufficient savings occur to fund all adjustments to 2003 state valuation made pursuant to enactments of the Legislature, the amount of savings must be divided equally among all school administrative units for which adjustments have been made. If insufficient savings occur in the fiscal year 2003-04 General Purpose Aid for Local Schools account to fully fund the adjustment required by this resolve, the appropriate increase in the Ashland school administrative unit's general purpose aid for local schools in fiscal year 2003-04 must be applied as an audit adjustment for general purpose aid for local schools in fiscal year 2004-05.

Emergency clause. In view of the emergency cited in the preamble, this resolve takes effect when approved.

See title page for effective date.