Amount for urgent and high priority renewal projects
43. (1) The amount for the board for the fiscal year for urgent and high priority renewal projects is determined as follows: 1. Determine the portion of the cost of urgent and high priority renewal projects described in subsection (2) and set out in Column 2 of Table 16 opposite the name of the board, that was incurred by the board in each of the 2004-2005, 2005-2006, 2006-2007 and 2007-2008 school board fiscal years for construction or renovation work that began on or after March 18, 2005. 2. Total the portions determined under paragraph 1 for the four fiscal years. 3. Determine the portion of the cost of urgent and high priority renewal projects described in subsection (3) and set out in Column 3 of Table 16 opposite the name of the board, that was incurred by the board in each of the 2005-2006, 2006-2007 and 2007-2008 school board fiscal years for construction or renovation work that began on or after January 1, 2006. 4. Total the portions determined under paragraph 3 for the three fiscal years. 4.1 Determine the portion of the cost of urgent and high priority renewal projects described in subsection (4) and set out in Column 4 of Table 16 opposite the name of the board, that was incurred by the board in each of the 2006-2007 and 2007-2008 school board fiscal years for construction or renovation work that began on or after January 1, 2007. 4.2 Total the portions determined under paragraph 4.1 for the two fiscal years. 5. Add the amounts determined under paragraphs 2, 4 and 4.2. 6. Determine the portion of the amount determined under paragraph 5 in respect of which the board incurred short-term interest. 7. 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 amount determined under paragraph 6, 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 6 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. 8. Determine the portion of the amount determined under paragraph 5 in respect of which the board did not incur interest. 9. Determine the amount of short-term interest that the board would incur in the 2007-2008 fiscal year in respect of the portion referred to in paragraph 8 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. 10. Determine the total of 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 or a portion of the costs determined under paragraph 5. 11. Add the amounts, if any, determined under paragraphs 7, 9 and 10. O. Reg. 152/07, s. 43 (1); O. Reg. 583/07, ss. 1, 2; O. Reg. 81/08, s. 4 (1, 2). (2) For the purposes of paragraph 1 of subsection (1), an urgent and high priority renewal project is a project that, (a) is at a school of the board listed in Appendix B of the document entitled “Good Places to Learn: Stage 1 Funding Allocation”, which is available as described in subsection 3 (6); and (b) has been approved by the Minister, as indicated in the document mentioned in clause (a), on the basis that the project addresses an urgent and high priority renewal need at the school. O. Reg. 152/07, s. 43 (2). (3) For the purposes of paragraph 3 of subsection (1), an urgent and high priority renewal project is a project that, (a) is at a school of the board listed in Appendix C of the document entitled “Good Places to Learn: Stage 2 Funding Allocation”, which is available as described in subsection 3 (6); and (b) has been approved by the Minister, as indicated in the document mentioned in clause (a), on the basis that the project addresses an urgent and high priority renewal need at the school. O. Reg. 152/07, s. 43 (3); O. Reg. 507/07, s. 14. (4) For the purposes of paragraph 4.1 of subsection (1), an urgent and high priority renewal project is a project that, (a) is at a school of the board listed in Appendix B of the document entitled “Good Places to Learn: Stage 3 Funding Allocation”, which is available as described in subsection 3 (6); and (b) has been approved by the Minister, as indicated in the document mentioned in clause (a), on the basis that the project addresses an urgent and high priority renewal need at the school. O. Reg. 81/08, s. 4 (3).