1. (1) In this Regulation, “A.E.F. for apportionment purposes for 1992” for a municipality or locality, means the assessment equalization factor provided by the Minister for 1992; “apportionable sum required by a divisional board for elementary school purposes for 1992” means the excess of the total estimated expenditure of the board for elementary school purposes for 1992 exclusive of, (a) allowances and provisions for differences between the sum that the board requisitioned and the sum that the board ought to have requisitioned in a previous year for elementary school purposes from a local municipality in the school division, and (b) the portion charged to elementary school purposes of any expenditures incurred by the board in performing the duties of a municipal council, over the sum of the estimated revenues of the board for elementary school purposes for 1992 from sources other than local taxation and the amount in the reserve established under subsection 237 (2) of the Act for elementary school purposes; “apportionable sum required by a divisional board for secondary school purposes for 1992” means the excess of the total estimated expenditure of the board for secondary school purposes for 1992 exclusive of, (a) allowances and provisions for differences between the sum that the board requisitioned and the sum that the board ought to have requisitioned in a previous year for secondary school purposes from a local municipality in the school division, and (b) the portion charged to secondary school purposes of any expenditures incurred by the board in performing the duties of a municipal council, over the sum of the estimated revenue of the board for secondary school purposes for 1992 from sources other than local taxation and the amount in the reserve established under subsection 237 (2) of the Act for secondary school purposes; “assessment” has the same meaning as in Ontario Regulation 119/92 (General Legislative Grants); “equalized assessment for a municipality or locality” means the quotient obtained by dividing the product of 100 and the assessment for the municipality or locality by the A.E.F. for apportionment purposes for 1992 for the municipality or locality; “local taxation” means taxes levied by a municipality or a board for elementary or secondary school purposes, as the case may be, exclusive of taxes paid over under section 35 of the Assessment Act and taxes levied under section 159 of the Municipal Act; “payment in lieu of taxes for 1992” means, in respect of a municipality, the sum of the amounts payable by the municipality to the board for 1992 for elementary school purposes or for secondary school purposes, as the case may be, under subsection 7 (10) of the Housing Development Act, under subsection 445 (4) of the Municipal Act, under subsection 52 (9) of the Power Corporation Act and under section 2 of the Municipal and School Board Payments Adjustment Act. O. Reg. 120/92, s. 1 (1). (2) Clause (a) of the definition “apportionable sum required by a divisional board for elementary school purposes for 1992” and clause (a) of the definition “apportionable sum required by a divisional board for secondary school purposes for 1992” do not apply in the case of a divisional board or a secondary school board if the area of jurisdiction of the board comprises an area where an assessment update has been carried out under subsection 371 (2) of the Municipal Act, subsection 81(1) of the District Municipality of Muskoka Act, subsection 36 (1) of the Regional Municipality of Haldimand-Norfolk Act, subsection 38 (1) of the Regional Municipality of Sudbury Act or subsection 33 (1) of the Regional Municipality of Waterloo Act. O. Reg. 120/92, s. 1 (2).