The amount of a junior college district's guaranteed instruction and operations funding for a state fiscal year is equal to the sum of:
(1) the product of:
(A) the district's basic allotment under Section 130A.053; and
(B) the number of weighted full-time equivalent students enrolled at the district determined in accordance with Section 130A.054; and
(2) the district's contact hour funding under Section 130A.055.