Amount for growth schools
46. (1) The amount for the board for the fiscal year for growth schools is determined as follows: 1., 2. Revoked: O. Reg. 507/07, s. 17 (1). 3. Determine the costs incurred by the board before August 31, 2008 on the construction of new elementary pupil places and new secondary pupil places specified in the plan submitted under, i. subsection 39 (15) of the 2006-2007 grant regulation, and ii. subsection (3) of this section. 4. Take the lesser of, i. the amount determined under paragraph 3, and ii. the total of the amount determined under subsection 39 (14.1) of the 2006-2007 grant regulation and the amount determined under subsection (2). 5. Take the lesser of the amount determined under paragraph 4 and the amount set out in Column 2 of Table 17.1 opposite the name of the board. 6., 7. Revoked: O. Reg. 81/08, s. 6 (1). 8. Determine the portion of the amount determined under paragraph 5 in respect of which the board incurred short-term interest in the 2007-2008 fiscal year. 9. Take the lesser of, i. the amount of short-term interest incurred by the board in the 2007-2008 fiscal year in respect of the portion determined in paragraph 8, and ii. the amount of short-term interest that the board would incur in the 2007-2008 fiscal year in respect of the portion determined under paragraph 8 if each amount borrowed were subject to an annual interest rate of not more than 0.20 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. 10. Determine the portion of the amount determined under paragraph 5 in respect of which the board did not incur interest in the 2007-2008 fiscal year. 11. Determine the amount of short-term interest that the board would incur in the 2007-2008 fiscal year in respect of the portion determined under paragraph 10 if the amount of each cost making up the portion were borrowed on the date that it was withdrawn from reserves of the board, at the annual interest rate for three-month bankers’ acceptances applicable on September 4, 2007. 11.1 Revoked: O. Reg. 81/08, s. 6 (4). 12. Determine the total of the principal and interest payments incurred by the board in the 2007-2008 fiscal year in respect of funds that the board borrowed from the Ontario Financing Authority to pay the costs determined under paragraph 5. 13. Total the amounts determined under paragraphs 9, 11 and 12. O. Reg. 152/07, s. 46 (1); O. Reg. 507/07, s. 17 (1); O. Reg. 583/07, ss. 1, 4; O. Reg. 81/08, s. 6 (1-5). (2) The amount for the purposes of subparagraph 4 ii of subsection (1) is determined as follows: 1. Determine the number of new elementary pupil places specified in the plan submitted under subsection (3). 2. Multiply the number determined under paragraph 1 by the benchmark area requirement per pupil of 9.7 metres squared. 3. Multiply the product determined under paragraph 2 by the unamortized benchmark construction cost of $1,660.25 per metre squared. 4. Multiply the amount determined under paragraph 3 by the geographic adjustment factor set out in Column 3 of Table 15 opposite the name of the board. 5. Determine the number of new secondary pupil places specified in the plan submitted under subsection (3). 6. Multiply the number determined under paragraph 5 by the benchmark area requirement per pupil of 12.07 metres squared. 7. Multiply the product determined under paragraph 6 by the unamortized benchmark construction cost of $1,811.20 per metre squared. 8. Multiply the amount determined under paragraph 7 by the geographic adjustment factor set out in Column 3 of Table 15 opposite the name of the board. 9. Total the amounts determined under paragraphs 4 and 8. 10.-12. Revoked: O. Reg. 81/08, s. 6 (7). O. Reg. 152/07, s. 46 (2); O. Reg. 507/07, s. 17 (2); O. Reg. 81/08, s. 6 (6, 7). (3) The following are conditions of the payment to a district school board of any part of the growth schools amount that relates to costs incurred in the 2007-2008 school board fiscal year: 1. The board submits a plan setting out the following: i. The number of new elementary pupil places and the number of new secondary pupil places, if any, that the board plans to provide for pupils of the board from September 1, 2007 to August 31, 2008. ii. The number of new elementary pupil places and the number of new secondary pupil places, if any, that the board plans to provide for pupils of the board from September 1, 2008 to August 31, 2009. iii. The number of new elementary pupil places and the number of new secondary pupil places, if any, that the board plans to provide for pupils of the board from September 1, 2009 to August 31, 2010. iii.1 The board’s plan that the new elementary pupil places or the new secondary pupil places, as the case may be, will be located on a school site, A. acquired in whole or in part with funds from an education development charge reserve fund, or B. that provided existing elementary school pupil places or existing secondary school pupil places, as described in subparagraphs 3 i and ii of section 7 of Ontario Regulation 20/98 (Education Development Charges — General), that were counted in the calculation of an education development charge of the board and that the board continues to provide at the time the plan is submitted. iv. The board’s plan that the school site on which the new elementary pupil places or the new secondary pupil places, as the case may be, will be located is within an area in which an education development charge by-law of the board applied on September 1, 2005. v. The board’s evaluation that, in the area referred to in subparagraph iv, after accommodating as many elementary school pupils or secondary school pupils, as the case may be, as possible using the alternative methods set out in subsection (4), over the 10 consecutive school board fiscal years starting with the fiscal year mentioned in sub-subparagraph A, B or C, an average of at least 80% of the new pupil places mentioned under subparagraph i, ii or iii that are located on any one school site will be needed for pupils of the board: A. The 2008-2009 fiscal year, for new pupil places under subparagraph i. B. The 2009-2010 fiscal year, for new pupil places under subparagraph ii. C. The 2010-2011 fiscal year, for new pupil places under subparagraph iii. 2. The Minister approves the plan on the basis that it contains all the information described in paragraph 1 and that it is reasonable. O. Reg. 152/07, s. 46 (3); O. Reg. 507/07, s. 17 (3-5); O. Reg. 81/08, s. 6 (8). (4) For purposes of subparagraph 1 v of subsection (3), the alternative methods of providing accommodation are, (a) using other pupil places available in a nearby school of the board; (b) re-drawing the boundaries of the attendance areas of its elementary schools or secondary schools, as the case may be; and (c) making program changes. O. Reg. 152/07, s. 46 (4).