Sec. 5. State valuation for Town of Lincoln. Notwithstanding the filing deadline set forth in the Maine Revised Statutes, Title 36, section 208-A, the Town of Lincoln may request a reduction in its state valuation under Title 36, section 208-A for the year 2004 based on the reduction in value of the Eastern Fine Paper plant in the town.

Sec. 6. General purpose aid for local schools; Town of Lincoln. Notwithstanding any other provision of law, the Commissioner of Education shall adjust the payments to the Town of Lincoln for general purpose aid for local schools in accordance with the 2004 state valuation amount of $225,000,000 for fiscal year 2005-06. If any savings occur in fiscal year 2005-06 general purpose aid for local schools account, the appropriate amount of those savings must be applied to increase the general purpose aid for local schools allocation to School Administrative District No. 67 for fiscal year 2005-06. If insufficient savings occur in the fiscal year 2005-06 general purpose aid for local schools account, the appropriate increase in the general purpose aid for local schools allocation to School Administrative District No. 67 for 2005-06 must be applied as an audit adjustment to the general purpose aid for local schools allocation in fiscal year 2006-07.

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