No loan shall be approved under sections 3313.483 to 3313.4810 of the Revised Code after March 1, 1998.
By the last day of June each year, the department of education shall calculate and pay a subsidy to every school district that during the current fiscal year paid and was obligated to pay interest on a loan under sections 3313.483 to 3313.4810 of the Revised Code in excess of two per cent simple interest. The amount of the subsidy shall equal the difference between the amount of interest the district paid and was obligated to pay during the year and the interest that the district would have been obligated to pay if the interest rate on the loan had been two per cent per year.
Amended by 130th General Assembly File No. 25, HB 59, ยง101.01, eff. 9/29/2013.
Effective Date: 05-25-1999
Section: Previous 3313.471 3313.472 3313.473 3313.48 3313.481 3313.482 3313.483 3313.484 3313.485 3313.486 3313.487 3313.488 3313.489 3313.4810 3313.4811 NextLast modified: October 10, 2016