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(xi) In fiscal year 2022 and each fiscal year thereafter, an amount not less than 15.5% of the State’s General Fund per full–time equivalent student appropriation to the 4–year public institutions of higher education in this State for the same fiscal year.

(2) For each of fiscal years 2011 and 2012, the total amount of the aid provided under this subtitle shall be $38,445,958, to be allocated among the institutions that qualify under this subtitle in proportion to the number of full–time equivalent students enrolled at each institution during the fall semester of the fiscal year preceding the fiscal year for which the aid apportionment is made, as determined by the Maryland Higher Education Commission.

(3) In fiscal year 2013, the total amount of aid due to all institutions shall be $38,056,175.

(4) In fiscal year 2016, the total amount of the aid provided under this subtitle shall be $42,822,240, to be allocated among the institutions that qualify under this subtitle in proportion to the number of full–time equivalent students enrolled at each institution during the fall semester of fiscal year 2015, as determined by the Maryland Higher Education Commission.

(5) In fiscal year 2021, the total amount of the aid provided under this subtitle shall be $69,624,905, to be allocated among the institutions that qualify under this subtitle in proportion to the number of full–time equivalent students enrolled at each institution during the fall semester of fiscal year 2020, as determined by the Maryland Higher Education Commission.]

(1) (I) IN THIS SUBSECTION, “STATE’S GENERAL FUND STATE FUNDS PER FULL–TIME EQUIVALENT STUDENT APPROPRIATION TO THE 4–YEAR PUBLIC INSTITUTIONS OF HIGHER EDUCATION” SHALL BE CALCULATED IN ACCORDANCE WITH THIS PARAGRAPH USING THE:

(I) GENERAL FUND AND HIGHER EDUCATION INVESTMENT FUND ACTUAL EXPENDITURES FOR THE SECOND PREVIOUS FISCAL YEAR; AND

(II) NUMBER OF STUDENT CREDIT HOURS PRODUCED IN THE FALL AND SPRING SEMESTERS IN THE SECOND PREVIOUS FISCAL YEAR DIVIDED BY 30.

(II) THE TOTAL NUMBER OF FULL–TIME EQUIVALENT STUDENTS IS BASED ON CREDIT HOUR PRODUCTION FOR THE SECOND PREVIOUS FISCAL YEAR.