The Town of Collierville shall be authorized to create a municipal school system that shall meet the standards of adequacy established by applicable state law and regulation, which standards include raising and spending each year the required amount of local funds for the operation of the municipal school system that, for calculation purposes only, would at least be equal to the amount that would be raised through a $0.15 tax levy on each $100 of taxable property for each year if all such taxes were collected.
(Adopted 7-16-13)