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(a) FOUNDATION PAYMENTS FOR PRE-1995 RECIPIENTS- Section 8002(h)(1) (20 U.S.C. 7702(h)(1)) is amended —

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(1) in subparagraph (A), by striking and was eligible to receive a payment under section 2 of the Act of September 30, 1950 and inserting and that filed, or has been determined pursuant to statute to have filed a timely application, and met, or has been determined pursuant to statute to meet, the eligibility requirements of section 2(a)(1)(C) of the Act of September 30, 1950; and

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(2) in subparagraph (B), by striking (or if the local educational agency was not eligible to receive a payment under such section 2 for fiscal year 1994 and inserting (or if the local educational agency did not meet, or has not been determined pursuant to statute to meet, the eligibility requirements of section 2(a)(1)(C) of the Act of September 30, 1950 for fiscal year 1994.

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(b) PAYMENTS FOR 1995 RECIPIENTS- Section 8002(h)(2) (20 U.S.C. 7702(h)(2)) is amended —

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(1) in subparagraph (A), by adding at the end before the period , or whose application under this section for fiscal year 1995 was determined pursuant to statute to be timely filed for purposes of payments for subsequent fiscal years; and

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(2) in subparagraph (B)(ii), by striking for each local educational agency that received a payment under this section for fiscal year 1995 and inserting for each local educational agency described in subparagraph (A).

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(c) REMAINING FUNDS- Section 8002(h)(4)(B) (20 U.S.C. 7702(h)(4)(B)) is amended —

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(1) by striking (in the same manner as percentage shares are determined for local educational agencies under paragraph (2)(B)(ii)) and inserting (by dividing the maximum amount that the agency is eligible to receive under subsection (b) by the total of the maximum amounts for all such agencies); and

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(2) by striking , except that for the purpose of calculating a local educational agencys assessed value of the Federal property and inserting , except that, for the purpose of calculating a local educational agencys maximum amount under subsection (b).

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(d) ADDITIONAL ASSISTANCE FOR CERTAIN LOCAL EDUCATIONAL AGENCIES IMPACTED BY FEDERAL PROPERTY ACQUISITION- Section 8002 (20 U.S.C. 7702) is amended by striking subsection (j).

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(e) MINIMUM PAYMENT WITH RESPECT TO LOSS OF ELIGIBILITY OF CERTAIN LOCAL EDUCATIONAL AGENCIES- Section 8002 (20 U.S.C. 7702) is amended by adding at the end the following:

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(n) LOSS OF ELIGIBILITY-

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(1) IN GENERAL- Notwithstanding any other provision of this section, the Secretary shall make a minimum payment to a local educational agency described in paragraph (2), for the first fiscal year that the agency loses eligibility for assistance under this section as a result of property located within the school district served by the agency failing to meet the definition of Federal property under section 8013(5)(C)(iii), in an amount equal to 90 percent of the amount received by the agency under this section for the preceding year.

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(2) LOCAL EDUCATIONAL AGENCY DESCRIBED- A local educational agency described in this paragraph is an agency that —

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(A) was eligible for, and received, a payment under this section for fiscal year 2002; and

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(B) beginning in fiscal year 2003 or a subsequent fiscal year, is no longer eligible for payments under this section as provided for in subsection (a)(1)(C) as a result of the transfer of the Federal property involved to a non-Federal entity.

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(f) APPLICATION FOR PAYMENT- Notwithstanding any other provision of law, the Secretary shall treat as timely filed an application under section 8002 (20 U.S.C. 7702) from Academy School District 20, Colorado, for a payment for fiscal year 1999, and shall process that application from funds appropriated for that section for fiscal year 2001.