Capital debt
 57.1 (1) The amount of a district school board’s capital debt for the fiscal year for the purposes of section 13 is determined as follows:   1. Take the supported permanently financed debt. 2. Add the supported non-permanently financed debt. 3. Add the capitalized lease obligations. 4. Subtract the new pupil place reserves.  O. Reg. 198/10, s. 11. (2) For the purposes of paragraph 1 of subsection (1), the amount of supported permanently financed debt for a board is the sum of the following amounts, as determined on August 31, 2010: 1. The outstanding balance owed by the board to the Ontario Financing Authority in respect of, i. costs or portions of costs determined under paragraph 9 of subsection 47 (1), paragraph 14 of subsection 49 (1), paragraph 3 of subsection 50 (1), paragraph 2 of section 51, paragraph 2 of section 51.1 and paragraph 2 of section 52, and ii. debt that is described in paragraph 102 of subsection 48 (1). 2. The outstanding balance owed by the board for money borrowed or debt incurred under subsection 247 (1) of the Act in respect of construction costs for facilities described in clauses 234 (1) (b) and (c) of the Act, where the construction has been completed by August 31, 2010. 3. The outstanding balance owed by the board to lenders other than the Ontario Financing Authority for money borrowed or debt incurred under subsection 247 (1) of the Act in respect of, i. debt described in paragraph 102 of subsection 48 (1), and ii. elementary school pupil places and secondary school pupil places described in section 54 or in a predecessor of that section, iii. permanently financed debt within the meaning of subsection 56 (2), iv. construction costs incurred by the board for the new pupil places needed for primary class size reduction that are set out in Column 2 of Table 15.3 of the 2005-2006 grant regulation opposite the name of the board.  O. Reg. 198/10, s. 11. (3) For the purposes of paragraph 2 of subsection (1), the amount of supported non- permanently financed debt for a board is the sum of the outstanding amounts owed in respect of the following, as determined on August 31, 2010: 1. The total of the costs or portions of costs determined under paragraph 9 of subsection 47 (1), paragraph 14 of subsection 49 (1), paragraph 3 of subsection 50 (1), paragraph 2 of section 51, paragraph 2 of section 51.1 and paragraph 2 of section 52, for which the board did not borrow money or incur debt under subsection 247 (1) of the Act. 2. The total of the portions determined under paragraph 101 of subsection 48 (1) for which the board did not borrow money or incur debt under subsection 247 (1) of the Act. 3. The construction costs for facilities described in clauses 234 (1) (b) and (c) of the Act for which the board did not borrow money or incur debt under subsection 247 (1) of the Act, where the construction has been completed by August 31, 2010.  O. Reg. 198/10, s. 11. (4) For the purposes of paragraph 3 of subsection (1), the amount of capitalized lease obligations for a board is the present value, as determined on August 31, 2010, of the total future minimum lease payments owed by the board in respect of capital leases entered into for the purpose of providing new pupil places, other than new pupil places needed for primary class size reduction or full day junior kindergartens or kindergartens described in subsection 54.1 (2), based on a discount rate for capital lease agreements that is determined according to generally accepted accounting principles.  O. Reg. 198/10, s. 11; O. Reg. 335/10, s. 4. (5) For the purposes of paragraph 4 of subsection (1), the amount of new pupil place reserves for a board is the amount in the board’s pupil accommodation allocation reserve fund on August 31, 2010 that is attributable to an amount received for new pupil places as determined under section 48 or under a predecessor of that section.  O. Reg. 198/10, s. 11. (6) In subsections (2) to (5), any reference to an outstanding balance owed by a board to a lender for money borrowed or debt incurred under subsection 247 (1) of the Act includes, (a) where a sinking fund or retirement fund has been established in respect of a debenture, the outstanding amount required by the by-law under which the debenture was issued to be set aside for the purpose of the debenture; and (b) in the case of refinancing debentures, the outstanding amount authorized by the by-law to be raised through the issue of refunding debentures.  O. Reg. 198/10, s. 11. (7) It is a condition of the payment of the amount for capital debt to a board under this Regulation, (a) that the board borrow money or incur debt for the portion of the amount determined under subsection (1) that is incurred in respect of permanent improvements; and (b) that the money is borrowed or the debt is incurred in accordance with subsection 247 (1) of the Act.  O. Reg. 198/10, s. 11.