(A) Except as otherwise provided in divisions (C) and (D) of this section, the portion of the basic project cost supplied by the school district shall be the greater of:
(1) The required percentage of the basic project costs;
(2)
(a) For all districts except a district that opts to divide its entire classroom facilities needs into segments to be completed separately as authorized by section 3318.034 of the Revised Code, an amount necessary to raise the school district's net bonded indebtedness, as of the date the controlling board approved the project, to within five thousand dollars of the required level of indebtedness;
(b) For a district that opts to divide its entire classroom facilities needs into segments to be completed separately as authorized by section 3318.034 of the Revised Code, an amount necessary to raise the school district's net bonded indebtedness, as of the date the controlling board approved the project, to within five thousand dollars of the following:
The required level of indebtedness X (the basic project cost of the segment as approved by the controlling board / the estimated basic project cost of the district's entire classroom facilities needs as determined jointly by the staff of the Ohio school facilities commission and the district)
(B) The amount of the district's share determined under this section shall be calculated only as of the date the controlling board approved the project, and that amount applies throughout the thirteen-month period permitted under section 3318.05 of the Revised Code for the district's electors to approve the propositions described in that section. If the amount reserved and encumbered for a project is released because the electors do not approve those propositions within that period, and the school district later receives the controlling board's approval for the project, subject to a new project scope and estimated costs under section 3318.054 of the Revised Code, the district's portion shall be recalculated in accordance with this section as of the date of the controlling board's subsequent approval.
(C) At no time shall a school district's portion of the basic project cost be greater than ninety-five per cent of the total basic project cost.
(D) If the controlling board approves a project under sections 3318.01 to 3318.20 of the Revised Code for a school district that previously received assistance under those sections or section 3318.37 of the Revised Code within the twenty-year period prior to the date on which the controlling board approves the new project, the district's portion of the basic project cost for the new project shall be the lesser of the following:
(1) The portion calculated under division (A) of this section;
(2) The greater of the following:
(a) The required percentage of the basic project costs for the new project;
(b) The percentage of the basic project cost paid by the district for the previous project.
Amended by 129th General AssemblyFile No.28, HB 153, ยง101.01. See act for effective dates.
Effective Date: 2008 HB562 (vetoed) 06-24-2008
Section: Previous 3318.02 3318.021 3318.022 3318.023 3318.024 3318.03 3318.031 3318.032 3318.033 3318.034 3318.035 3318.04 3318.041 3318.042 3318.05 NextLast modified: October 10, 2016