(1) The natural resource development K-12 school facilities payment replaces the former natural resource development K-12 funding payment as a means to provide local property tax relief by supporting school district facility needs.
(2) The legislature intends the natural resource development K-12 school facilities payment to be a general fund appropriation to support school major maintenance aid pursuant to 20-9-525 and debt service assistance pursuant to 20-9-371 that is calculated as the greater of:
(a) $10 million increased by an inflationary adjustment calculated as provided in 20-9-326 applied in fiscal year 2024 and in each succeeding fiscal year; or
(b) 5% of the oil and natural gas production taxes deposited in the general fund pursuant to 15-36-331 (4) for the fiscal year occurring 2 fiscal years prior to the fiscal year of the payment.