Ch. 1

1992 LAWS OF MARYLAND

(i) Any interest in land or improvements to land;

(ii) Land and nonoperating property of railroads and public utilities;
and

(iii) Operating property of public utilities classified as real property by
the Department of Assessments and Taxation.

(6)     "Assessed value of personal property" means the assessed valuation for
county purposes of tangible personal property, railroad property, public utility personal
property, and public utility shares.

(7)     "Full-time equivalent enrollment" means:

(i) All students enrolled in grades 1 through 12 or their equivalent in
regular day school programs on September 30 of the previous school year;

(ii) One half of the number of students enrolled in kindergarten
programs on September 30 of the previous school year, except that in Garrett County the
full number of kindergarten students is included; and

(iii) The number of full-time equivalent students, as determined by a
regulation of the Department, enrolled in evening high school programs during the
previous school year.

(8)     "Wealth" means the sum of:
(i) Net taxable income;

(ii) The assessed valuation of real property; and
(iii) 50 percent of assessed value of personal property.

(9)     For calculation of State aid under this section, the percentage of
assessed value of personal property as of July 1 of the first completed fiscal year before
the school year for which the calculation is made shall be used.

(10)   "Chapter 1 eligible count" means the number of children eligible to
receive services under the provisions of Chapter 1 of the Education Consolidation and
Improvement Act of 1981 as determined by the U.S. Department of Education.

(11)   "Dedicated compensatory funds" means funds allocated by subsection
(e)(3) of this section.

(12)   "BASIC CURRENT EXPENSES PER PUPIL" MEANS THE BASIC
CURRENT EXPENSES FOR A FISCAL YEAR DIVIDED BY THE STATEWIDE
FULL-TIME EQUIVALENT ENROLLMENT ON SEPTEMBER 30 OF THE FISCAL
YEAR.

(13)   "PER PUPIL BASIC CURRENT EXPENSE FIGURE" MEANS:
(I) $2,976 FOR FISCAL YEAR 1993; AND

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