I. In addition to aid for the cost of the opportunity for an adequate education provided under RSA 198:40-a, each year the commissioner shall calculate an extraordinary need grant for schools and provide that amount of aid to a municipality's school districts as follows:
(a) A municipality with an equalized valuation per pupil eligible to receive a free or reduced-priced meal of $1,697,933 or less shall receive $11,730 per pupil eligible to receive a free or reduced-price meal in the municipality's ADMR.
(b) A municipality with an equalized valuation per pupil eligible to receive a free or reduced-price meal between $1,697,934 and $7,003,972 shall receive a grant equal to $0.00221069 for each dollar of difference between its equalized valuation per pupil eligible to receive a free or reduced-price meal and $7,003,972 for each pupil eligible to receive a free or reduced-price meal in the municipality's ADMR.
(c) A municipality with an equalized valuation per pupil eligible to receive a free or reduced-price meal of $7,003,973 or more shall not receive an extraordinary need grant.
II. In this section:
(a) "Grant floor" means $1,697,933 in equalized valuation per free or reduced-price meal pupil.
(b) "Grant ceiling" means $7,003,973 in equalized valuation per free or reduced-price meal pupil.
(c) "Factor" means $0.00221069 for each dollar difference between equalized valuation per free or reduced-price meal pupil.
(d) "Maximum grant" means $11,730 per free or reduced-price meal pupil.
III. The extraordinary needs grants shall be calculated using the formula described in paragraph I, however, beginning July 1, 2027, and every year thereafter, the grant floor, grant ceiling, and maximum grant shall be increased by 2 percent. The factor shall be readjusted by taking the newly adjusted maximum grant and dividing by the difference between the grant floor and grant ceiling.