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2. Duration of Funds <br /> <br /> Both funds are intended ko be permanent sources of assistance to <br /> counties. During 1987-88 both funds will receive approximately <br /> $95 million. In subsequent years the funds will receive half of <br /> the additional proceeds raised by the 1% increase in state <br /> corporate incomes taxes. A flat $10 million will be allocated <br /> each year to the Critical Needs F~nd. The remainder ($42 million <br /> in 1988-89) will go to the Public School Building Capital Fund. <br /> <br />3. Matchin~ Requirements <br /> <br /> The allocations from the Public School Building Capital Fund Will <br /> require a local match of one local dollar for every three state <br /> dollars allocated. There is no matching requirement for the <br /> Critical Needs Fund grants. Any local monies may be used as <br /> match for the Public School Building Capital Fund allocations. <br /> <br />For a general description of HBl155, please refer to our Legislative <br />Bulletin ~22-87 (July 2, 1987). Please note that the correct <br />effective date for repeal of property taxes on inventories is <br />January 1, 1988, rather than January 1, 1989, as originally reported. <br />For details on the Senate's "Hold Harmless" amendment, please refer to <br />Legislative Bulletin ~23-87 (July 10, 1987). <br /> <br />We hope to have more detailed procedural information in the next two <br />months. This will be sent to you as soon as it is available. <br /> <br />attachment <br /> <br />cc: County Finance Officers <br /> NCACC Staff. <br /> <br />School bldg fund/regan4 <br /> <br /> <br />