(1) Principal and interest on approved school construction costs; and

(2) Approved lease costs.

Sec. 2. 20-A MRSA §15652, sub-§6, as enacted by PL 1995, c. 368, Pt. Z, §1 and affected by §2, is amended to read:

6. Property fiscal capacity. "Property fiscal capacity" means the lesser of the average of the state valuation amounts for the 2 4 most recent years prior to the year of funding or the state valuation amount for the most recent year.

Sec. 3. 20-A MRSA §15653, sub-§1, as amended by PL 2001, c. 358, Pt. U, §2, is repealed and the following enacted in its place:

1.__Per pupil guarantee.__The Legislature shall annually establish a per pupil guarantee.__For fiscal year 2003-04, the per pupil guarantee is $4,816.

Sec. 4. 20-A MRSA §15653, sub-§4, as amended by PL 2001, c. 559, Pt. D, §3, is further amended to read:

4. Statewide local share. For fiscal year 2001-02, the statewide local share amount of the operating costs allocation is based on the sum of the amounts determined by multiplying for each unit 7.29 mills times the unit's property fiscal capacity. In subsequent years the mill rate is 7.57 mills, except that the Legislature shall determine if an increase is the mill rate needed to achieve the targeted per pupil guarantee under this section.

Sec. 5. 20-A MRSA §15656, sub-§1, as enacted by PL 1999, c. 401, Pt. GG, §8, is amended to read:

1. Pupil count used for operating costs. The resident pupil count used for operating costs in this chapter is the greater of the average of the 2 census counts for the most recent calendar year and the average of the 4 8 census counts for the 2 4 most recent calendar years.