Amount for growth schools
51. (1) The amount for the board for the fiscal year for growth schools is determined as follows: 1. Determine the total of the costs incurred by the board before August 31, 2009 on the construction of new elementary pupil places and new secondary pupil places specified in the plans submitted under, i. subsection 39 (15) of the 2006-2007 grant regulation, ii. subsection 46 (3) of the 2007-2008 grant regulation, and iii. subsection (3). 2. Take the lesser of, i. the amount determined under paragraph 1, and ii. the total of, A. the amount determined under subsection 39 (14.1) of the 2006-2007 grant regulation, B. the amount determined under subsection 46 (2) of the 2007-2008 grant regulation, and C. the amount determined under subsection (2). 3. Take the lesser of the amount determined under paragraph 2 and the amount set out in Column 2 of Table 19 opposite the name of the board. 4. Determine the portion of the amount determined under paragraph 3 that was financed through short-term borrowing by the board on or before April 30, 2009. 5. Take the lesser of, i. the amount of short-term interest incurred by the board in the 2008-2009 fiscal year in respect of the portion determined in paragraph 4, and ii. the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 4 if each amount borrowed had been 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. 5.1 Determine the portion of the amount determined under paragraph 3 that was financed through short-term borrowing by the board on or after May 1, 2009 and on or before August 31, 2009. 5.2 Take the lesser of, i. the amount of short-term interest incurred by the board in the 2008-2009 fiscal year in respect of the portion determined in paragraph 5.1, and ii. the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 5.1 if each amount borrowed had been subject to an annual interest rate of not more than 0.75 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. 6. Determine the portion of the amount determined under paragraph 3 in respect of which the board did not incur interest in the 2008-2009 fiscal year. 6.1 Determine the portion of the amount determined under paragraph 6 that was financed through withdrawals from reserves of the board on or before April 30, 2009. 6.2 Determine the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 6.1 if each amount making up the portion had been borrowed on the date that it was withdrawn from reserves of the board, at an annual interest rate of 2 per cent. 6.3 Determine the portion of the amount determined under paragraph 6 that was financed through withdrawals from reserves of the board on or after May 1, 2009 and on or before August 31, 2009. 7. Determine the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 6.3 if each amount making up the portion had been borrowed on the date that it was withdrawn from reserves of the board, at an annual interest rate of 1 per cent. 8. Determine the total of the principal and interest payments incurred by the board in the 2008-2009 fiscal year in respect of funds that the board borrowed from the Ontario Financing Authority to pay the costs determined under paragraph 3. 9. Total the amounts determined under paragraphs 5, 5.2, 6.2, 7 and 8. O. Reg. 85/08, s. 51 (1); O. Reg. 349/09, s. 11. (2) The amount for the purposes of sub-subparagraph 2 ii C 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 16 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 16 opposite the name of the board. 9. Total the amounts determined under paragraphs 4 and 8. O. Reg. 85/08, s. 51 (2); O. Reg. 293/08, s. 21. (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 2008-2009 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, 2008 to August 31, 2009. 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, 2009 to August 31, 2010. 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, 2010 to August 31, 2011. iv. 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, 2011 to August 31, 2012. v. The areas within the board to be served by the pupil places set out in subparagraphs i to iv. vi. The board’s evaluation that, in each area referred to in subparagraph v, 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, C or D, an average of at least 80 per cent of the new pupil places mentioned under subparagraph i, ii, iii or iv that are located on any one school site will be needed for pupils of the board: A. The 2009-2010 fiscal year, for new pupil places under subparagraph i. B. The 2010-2011 fiscal year, for new pupil places under subparagraph ii. C. The 2011-2012 fiscal year, for new pupil places under subparagraph iii. D. The 2012-2013 fiscal year, for new pupil places under subparagraph iv. 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. 85/08, s. 51 (3). (4) For purposes of subparagraph 1 vi 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. 85/08, s. 51 (4).