(a) If a municipality levies and collects property taxes, the governing body shall provide the following notice:

“NOTICE TO TAXPAYER

For the current fiscal year the (city)(borough) has been allocated the following amount of state aid for school and municipal purposes under the applicable financial assistance Acts:

PUBLIC SCHOOL FUNDING PROGRAM (AS 14.17) $STATE AID FOR RETIREMENT OF SCHOOL CON-STRUCTION DEBT (AS 14.11.100) $COMMUNITY ASSISTANCE PROGRAM (AS 29.60.850 - 29.60.879) $ TOTAL AID$

The millage equivalent of this state aid, based on the dollar value of a mill in the municipality during the current assessment year and for the preceding assessment year, is:

MILLAGE EQUIVALENTPREVIOUS YEARTHIS YEARPUBLIC SCHOOL FUNDING PROGRAM ASSISTANCE....MILLS....MILLSSTATE AID FOR RETIREMENT OF SCHOOL CONSTRUCTION DEBT....MILLS....MILLSCOMMUNITY ASSISTANCE PROGRAM....MILLS....MILLSTOTAL MILLAGE EQUIVALENT....MILLS....MILLS”

Notice shall be provided by

(1) furnishing a copy of the notice with tax statements mailed for the fiscal year for which aid is received; or

(2) publishing in a newspaper of general circulation in the municipality a copy of the notice once each week for a period of three successive weeks, with publication to occur not later than 45 days after the final adoption of the municipality's budget.

(b) Compliance with the provisions of this section is a prerequisite to receipt of community assistance under AS 29.60.850 - 29.60.879. The department shall withhold annual allocations under those sections until municipal officials demonstrate that the requirements of this section have been met.