Interest on capital debt allocation
 47. (1) The amount of the interest on capital debt allocation for a district school board for the fiscal year is the sum of the amounts determined under the following paragraphs: 1. The amount of interest incurred by the board in the fiscal year in respect of its supported permanently financed debt determined under subsection 57.1 (2) of the 2009-2010 grant regulation. 2. The amount of interest incurred by the board in the fiscal year in respect of the capital leases referred to in subsection 57.1 (4) of the 2009-2010 grant regulation. 3. The total amount of interest paid by the board in the fiscal year to the Ontario Financing Authority in respect of the following amounts: i. The total cost of the urgent and high priority renewal projects described in subsections 51 (2) to (5) that was incurred by the board in the fiscal year. ii. The amount determined under subsection 54 (1). iii. The amount determined under subsection 55 (1). iv. The amount determined under subsection 51 (1) of the 2010-2011 grant regulation. v. The amount determined under subsection 52 (1) of the 2010-2011 grant regulation. 4. The amount determined as follows: i. Identify each debt obligation making up the amount of supported non-permanently financed debt of the board determined under subsection 57.1 (3) of the 2009-2010 grant regulation.  If a debt obligation is owed by the board to the board, the interest rate is deemed to be 1 per cent. ii. Set off the amount of the board’s new pupil place reserves, determined under subsection 57.1 (5) of the 2009-2010 grant regulation, against the debt obligations identified under subparagraph i, beginning with the obligation that has the highest interest rate and ending with the obligation that has the lowest interest rate in order to determine the remaining debt obligations. iii. Determine the total amount of interest paid by the board in the fiscal year to the Ontario Financing Authority in respect of the remaining debt obligations determined under subparagraph ii. iv. Take the lesser of, A. the total amount of short-term interest incurred by the board in the fiscal year in respect of the remaining debt obligations determined under subparagraph ii that are short-term debt obligations, and B. the total amount of short-term interest that would be determined under sub-subparagraph A if each debt obligation had been subject to an annual interest rate of 0.75 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. v. Identify the remaining debt obligations determined under subparagraph ii in respect of which the board did not incur interest in the fiscal year. vi. Determine the total amount of interest that the board would incur in the fiscal year in respect of the remaining debt obligations identified under subparagraph v if each of those obligations had been borrowed on the date it was withdrawn from cash available to the board at an annual interest rate of 1 per cent. vii. Total the amounts determined under subparagraphs iii, iv and vi. 5. The amount determined as follows: i. Take the total of the following amounts: A. The total cost of urgent and high priority renewal projects described in subsections 51 (2) to (5) that was incurred in the fiscal year. B. The amount determined under subsection 54 (1). C. The amount determined under subsection 55 (1). C.1 The amount determined under section 55.1. C.2 The amount determined under section 55.2. D. The amount determined under subsection 51 (1) of the 2010-2011 grant regulation. E. The amount determined under subsection 52 (1) of the 2010-2011 grant regulation. ii. Take the lesser of, A. the amount of short-term interest incurred by the board in the fiscal year in respect of the costs and other expenses included in the calculation of the amount determined under subparagraph i, and B. the amount of short-term interest that would be determined under sub-subparagraph A if each amount borrowed to meet those costs and other expenses had been subject to an annual interest rate of 0.75 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. iii. Determine the total amount of short-term interest that the board would incur in the fiscal year in respect of the portion of each cost and other expense included in the calculation of the amount determined under subparagraph i for which the board did not incur interest, if each amount withdrawn from cash available to the board had been borrowed on the date that it was withdrawn at an annual interest rate of 1 per cent. iv. Total the amounts determined under subparagraphs ii and iii. 6. The amount determined as follows: i. Take the total of the following amounts: A. The amount determined under paragraph 7 of subsection 56 (1). B. The amount determined under paragraph 10 of subsection 53.1 (1) of the 2010-2011 grant regulation. ii. Take the lesser of, A. the amount of short-term interest incurred by the board in the fiscal year in respect of the costs and other expenses included in the calculation of the amount determined under subparagraph i, and B. the amount of short-term interest that would be determined under sub-subparagraph A if each amount borrowed to meet those costs and other expenses had been subject to an annual interest rate of 0.75 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. iii. Determine the total amount of short-term interest that the board would incur in the fiscal year in respect of the portion of each cost and other expense included in the calculation of the amount determined under subparagraph i for which the board did not incur interest, if each amount withdrawn from cash available to the board had been borrowed on the date that it was withdrawn at an annual interest rate of 1 per cent. iv. Total the amounts, if any, determined under subparagraphs ii and iii. 7. Take the total of the following amounts: i. The amount of interest incurred by the board in the fiscal year in respect of multi-year capital leases referred to in paragraph 1 of subsection 54.1 (1) of the 2009-2010 grant regulation. ii. The amount of interest incurred by the board in the fiscal year in respect of multi-year capital leases referred to in paragraph 2 of subsection 53.1 (1) of the 2010-2011 grant regulation.  O. Reg. 160/11, s. 47 (1); O. Reg. 446/11, s. 3; O. Reg. 131/12, s. 1. (2) It is a condition of the payment of a grant to a board under this Regulation that the board use the amount determined in respect of the interest on capital debt allocation to pay any interest costs that the board would be required to capitalize under the terms of the document entitled “School Board and School Authority Tangible Capital Assets: Provincial Accounting Policies and Implementation Guide”, revised April 2011, which is available as described in subsection 3 (1), before the board uses that amount for any other purpose.  O. Reg. 160/11, s. 47 (2).