Page:United States Statutes at Large Volume 110 Part 2.djvu/287

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PUBLIC LAW 104-134—APR. 26, 1996 110 STAT. 1321-140 fiscal year, amounts that were reduced under subparagraph (A) shall be increased on the same basis as such amounts were reduced. (D) UNEXPENDED FUNDS. —Any funds that remain in the escrow account for public charter schools on September 30 of a fiscal year shall revert to the general fund of the District of Columbia, (b) EXCEPTION FOR NEW SCHOOLS. — (1) AUTHORIZATION. — There are authorized to be appropriated $200,000 for each fiscal year to carry out this subsection. (2) DISBURSEMENI' TO MAYOR. —The Secretary of the Treasury shall make available and disburse to the Mayor, not later than August 1 of each of the fiscal years 1996 through 2000, such funds as have been appropriated under paragraph (1). (3) ESCROW. — The Mayor shall place in escrow, for use by public charter schools, any sum disbursed under paragraph (2) and not paid under paragraph (4). (4) PAYMENTS TO SCHOOLS. — The Mayor shall pay to public charter schools described in paragraph (5), in accordance with this subsection, any sum disbursed under paragraph (2). (5) SCHOOLS DESCRIBED. — The schools referred to in paragraph (4) are public charter schools that— (A) did not operate as public charter schools during any portion of the fiscal year preceding the fiscal year for which funds are authorized to be appropriated under paragraph (1); and (B) operated as public charter schools during the fiscal year for which funds are authorized to be appropriated under paragraph (1). (6) FORMULA.— (A) 1996.—The amount of the payment to a public charter school described in paragraph (5) that begins operation in fiscal year 1996 shall be calculated by multiplying $6,300 by Vi2 of the total anticipated enrollment as set forth in the petition to establish the public charter school; and (B) 1997 THROUGH 2000. — The amount of the payment to a public charter school described in paragraph (5) that begins operation in any of fiscal years 1997 through 2000 shall be calculated by multiplying the uniform dollar amount used in the formula established under section 2401(b) by Viz of the total anticipated enrollment as set forth in the petition to establish the public charter school. (7) PAYMENT TO SCHOOLS. — (A) TRANSFER. —On September 1 of each of the years 1996 through 2000, the Mayor shall transfer, by electronic funds transfer, the amount determined under paragraph (6) for each public charter school from the escrow account established under subsection (a) to a bank designated by each such school. (B) PRO RATA AND REMAINING FUNDS. —Subparagraphs (C) and (D) of subsection (a)(2) shall apply to payments made under this subsection, except that for purposes of this subparagraph references to District of Columbia public schools in such subparagraphs (C) and (D) shall be read to refer to public charter schools.