This bill amends section 77-27,139.03 of the Reissue Revised Statutes of Nebraska, specifically addressing the distribution of state aid from the Municipal Equalization Fund. The key change prohibits cities of the first class from receiving any state aid under this section, which is a significant alteration to the current law. The calculation for state aid remains based on the average property tax levy for operational purposes, but now explicitly excludes first-class cities from receiving aid, even if the calculations would otherwise yield a positive amount.

Additionally, the bill outlines the process for determining state aid for municipalities, including adjustments based on tax levies and the availability of funds in the Municipal Equalization Fund. If the fund's total is insufficient to meet the calculated aid for all municipalities, the available funds will be distributed on a prorated basis. The original section 77-27,139.03 is repealed, indicating a complete overhaul of the previous provisions regarding state aid distribution to municipalities.