Amount for primary class size reduction
50. (1) The amount for the board for the fiscal year for new pupil places needed for primary class size reduction, as described in subsection (2), is determined as follows:  1. Total the amounts determined under paragraphs 5 to 9 of subsection 45 (1) of the 2007-2008 grant regulation. 2. Subtract the amount determined under paragraph 1 from the amount determined under paragraph 2 of subsection 45 (1) of the 2007-2008 grant regulation. If the difference is a negative number, it is deemed to be zero. 3. For each multi-year lease entered into in the 2008-2009 fiscal year for the purpose of providing new pupil places needed for primary class size reduction, determine the total amount payable over the entire term of the lease. 4. Total the amounts determined under paragraph 3 for all the multi-year leases described in that paragraph. 5. Take the lesser of the amounts determined under paragraphs 2 and 4. 6. Determine the costs for relocating and installing temporary accommodations that provide new pupil places needed for primary class size reduction, if the costs are incurred by the board in the 2008-2009 fiscal year and reported by August 31, 2009, not including the amount determined under paragraph 4 or amounts associated with the initial installation of any temporary accommodations on school premises. 7. Determine the costs for temporary accommodations that provide new pupil places needed for primary class size reduction, if the costs are incurred by the board in the 2008-2009 fiscal year and reported by August 31, 2009, not including amounts determined under paragraphs 4 and 6. 8. Determine the construction costs for program retrofits, described in subsection (3), that provide new pupil places needed for primary class size reduction, if the costs are incurred by the board in the 2008-2009 fiscal year and reported by August 31, 2009. 9. Determine the construction costs incurred by the board in the 2008-2009 fiscal year and reported by August 31, 2009 in respect of new pupil places needed for primary class size reduction, not including the amount determined under paragraph 8. 10. Total the amounts determined under paragraphs 7, 8 and 9. 11. Subtract the total of the amounts determined under paragraphs 5 and 6 from the amount determined under paragraph 2. If the difference is negative, it is deemed to be zero. 12. Take the lesser of paragraphs 10 and 11. 13. Add the amount determined under paragraph 12 to the amount determined under paragraph 13 of section 45 (1) of the 2007-2008 grant regulation. 14. Subtract the amount determined under paragraph 21 of subsection 39 (12) of the 2006-2007 grant regulation from the amount determined under paragraph 13. 15. Determine the amount of principal and interest incurred by the board in the 2008-2009 fiscal year in connection with the financing of the amount determined under paragraph 14, as follows: i. Determine the portion of the amount determined under paragraph 14 that was financed through short-term borrowing by the board on or before April 30, 2009. ii. Take the lesser of, A. the amount of short-term interest incurred by the board in the 2008-2009 fiscal year in respect of the portion determined in subparagraph i, and B. the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under subparagraph i 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. ii.1 Determine the portion of the amount determined under paragraph 14 that was financed through short-term borrowing by the board on or after May 1, 2009 and on or before August 31, 2009. ii.2 Take the lesser of, A. the amount of short-term interest incurred by the board in the 2008-2009 fiscal year in respect of the portion determined under subparagraph ii.1, and B. the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under subparagraph ii.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. iii. Determine the portion of the amount determined under paragraph 14 in respect of which the board did not incur interest in the 2008-2009 fiscal year. iii.1 Determine the portion of the amount determined under subparagraph iii that was financed through withdrawals from reserves of the board on or before April 30, 2009. iii.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 subparagraph iii.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. iii.3 Determine the portion of the amount determined under subparagraph iii that was financed through withdrawals from reserves of the board on or after May 1, 2009 and on or before August 31, 2009. iv. 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 subparagraph iii.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. v. 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 amount determined under paragraph 14. vi. Total the amounts, if any, determined under subparagraphs ii, ii.2, iii.2, iv and v. 16. Determine the amount that is payable in the 2008-2009 fiscal year in respect of the amount determined under paragraph 21 of subsection 39 (12) of the 2006-2007 grant regulation if that amount is amortized over 25 years at an annual interest rate of 5.25 per cent, with no compounding. 17. Determine the leasing costs for new pupil places needed for primary class size reduction paid in the 2008-2009 fiscal year and reported by August 31, 2009. 18. Add the amount determined under paragraph 5 to the amount determined under paragraph 19 of subsection 45 (1) of the 2007-2008 grant regulation. 19. Subtract the amount determined under paragraph 20 of subsection 45 (1) of the 2007-2008 grant regulation from the amount determined under paragraph 18. If the difference is negative, it is deemed to be zero. 20. Take the lesser of the amounts determined under paragraphs 17 and 19. 21. Subtract the amount determined under paragraph 5 from the amount determined under paragraph 2. If the difference is negative, it is deemed to be zero. 22. Take the lesser of the amounts determined under paragraphs 6 and 21. 23. Total the amounts determined under paragraphs 15, 16, 20 and 22. O. Reg. 85/08, s. 50 (1); O. Reg. 349/09, s. 10. (2) For the purposes of subsection (1), new pupil places are needed for primary class size reduction if they are needed for the sole purpose of addressing the reduction in primary class size resulting from the change in the loadings determined under subsection 37 (16) of the 2004-2005 grant regulation and the loadings determined under subsection 36 (16) of the 2005-2006 grant regulation. O. Reg. 85/08, s. 50 (2). (3) For the purposes of subsection (1), a program retrofit is a construction project in a school that alters instructional space so that, (a) it has a higher loading under paragraph 2 of subsection 56 (6) after the alteration than it did before, without enlarging the exterior dimensions of the school; or (b) it has a lower loading under paragraph 2 of subsection 56 (6) after the alteration than it did before, and the lower loading is solely because of the conversion of instructional space to instructional space categorized as classrooms for kindergarten or junior kindergarten pupils from instructional space in other categories. O. Reg. 85/08, s. 50 (3).