162.1255.  Funding for competency-based courses — amount. — 1.  As used in this section, the following terms mean:

  (1)  "Competency-based credit", credit awarded by school districts and charter schools to high school students upon demonstration of competency as determined by a school district.  Such credit shall be awarded upon receipt of proficient or advanced on an end-of-course assessment;

  (2)  "Prior year average attendance percentage", the quotient of the district or charter school's prior year average daily attendance divided by the district or charter school's prior year average yearly enrollment.

  2.  School districts and charter schools shall receive state school funding under sections 163.031, 163.043, 163.044, and 163.087 for resident pupils enrolled in the school district or charter school and taking competency-based courses offered by the school district.

  3.  For purposes of calculation and distribution of state aid under section 163.031, attendance of a student enrolled in a district's or charter school's competency-based courses shall equal, upon course completion, the product of the district's or charter school's prior year average attendance percentage multiplied by the total number of attendance hours normally allocable to a noncompetency-based course of equal credit value.