The guaranteed amount of state and local funds for a new project that a district may be awarded in any state fiscal biennium under Section 46.003 for a school district may not exceed the lesser of:

1. (1) the amount the actual debt service payments the district makes in the biennium in which the bonds are issued; or

2. (2) the greater of:

   1. (A) $100,000; or
   2. (B) the product of the number of students in average daily attendance in the district multiplied by $250.

Added by Acts 1997, 75th Leg., ch. 592, Sec. 1.04, eff. Sept. 1, 1997.