PUBLIC LAW 102-494-OCT. 24, 1992 106 STAT. 3163 of the treasurer and the directors at the close of each fiscal year, and at such other times whenever necessary, and report to the district whether the same are correctly cast and properly vouched. "J. SUPERINTENDENT.—The superintendent of scnools shall be selected by a msgority vote of the board of school directors of the interstate district with the approval of both commissioners. "K VACANCIES.—Any vacancy among the elected officers of the district shall be filled by the interstate board until the next annual meeting of the district or other election, when a successor shall be elected to serve out the remtdnder of the imexpired term, if any. Until all vacancies on the interstate board are filled, the remaining members shall have full power to act. "ARTICLE VI "APPROPRIATION AND APPORTIONMENT OF FUNDS "A BUDGET.—Before each annual meeting, the interstate board Reports, shall prepare a report of expenditures for the preceding fiscal year, an estimate of expenditures for the current fiscal year, and a budget for the succeeding fiscal year. "B. APPROPRIATION.—The interstate board of directors shall present the budget report at the annual meeting. The interstate district shall appropriate a sum of money for the support of its schools and for the discharge of its obligations for the ensuing fiscal year. "C. APPORTIONMENT OF APPROPRIATION. —Subject to the provisions of article VII, the interstate board shall first apply against such appropriation any income to which the interstate district is entitled, and shall then apportion the balance among the member districts in accordance with one of the following formulas as determined by the articles of agreement as amended from time to time, "a. All of such balance to be apportioned on the basis of the ratio that the fair market value of the taxable property in each member district bears to that of the entire interstate district; or "b. All of such balance to be apportioned on the basis that the average daily resident membership for the preceding fiscal year of each member district bears to that of the average daily resident membership of the entire interstate school district; or "c. A formula based on any combination of the foregoing factors. The term 'fair market value of taxable property* shall mean the last locally assessed valuation of a member district in New Hampshire, as last equalized by the New Hampshire commissioner of revenue administration. "The term 'fair market value of taxable property* shall mean the equalized grand list of a Maine member district, as determined by the Maine Bureau of Taxation. "Such assessed valuation and grand list may be further adjusted by elimination of certain types of taxable property from one or the other or otherwise, in accordance with the articles of agreement, in order that the fair market value of taxable property in each state shall be comparable. "Average daily resident membership of the interstate district in the first instance shall be the sum of the average daily resident membership of the member districts in the grades
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