Amount for new pupil places
 54. (1) The amount for the board for the fiscal year for new pupil places is determined as follows: 1. Take the amount determined under paragraph 2 of subsection 54 (1) of the 2011-2012 grant regulation. 2. Subtract the amount determined under paragraph 7 of subsection 54 (1) of the 2011-2012 grant regulation from the amount determined under paragraph 1. 3. Determine the capital asset construction costs incurred by the board in the fiscal year for each portion of a capital project determined under paragraph 1 of subsection 51 (1) of the 2010-2011 grant regulation. 4. Total the costs determined under paragraph 3. 5. Determine the total capital asset construction costs incurred by the board in the fiscal year for capital projects described in paragraph 5 of subsection 54 (1) of the 2011-2012 grant regulation. 6. Determine the total capital asset construction costs incurred by the board in the fiscal year for capital projects described in paragraph 6 of subsection 53 (1) of the 2012-2013 grant regulation. 7. Determine the total capital asset construction costs incurred by the board in the fiscal year for capital projects described in paragraph 7 of subsection 53 (1) of the 2013-2014 grant regulation. 8. Determine the total capital asset construction costs incurred by the board in the fiscal year for the capital projects described in paragraph 8 of subsection 54 (1) of the 2014-2015 grant regulation. 9. Determine the total capital asset construction costs incurred by the board in the fiscal year for capital projects that are in respect of new pupil places for which construction commenced after September 1, 2015, but not including costs described in paragraphs 3, 5 or 6 or any other costs for which funding is provided to the board under any other section of this Regulation or by any other source. 10. Total the amounts determined under paragraphs 4, 5, 6, 7, 8 and 9. 11. Take the lesser of the amounts determined under paragraphs 2 and 10. (2) For the purpose of subsection (1), capital projects are acquisitions of, (a) school sites that are acquired as part of transactions under which the board also acquires school buildings on the school sites; (b) school sites that provide or are capable of providing pupil accommodation, and additions and improvements to such school sites, but only for school sites acquired by the board when the board does not meet any of the conditions set out in paragraph 2 of section 10 of Ontario Regulation 20/98 (Education Development Charges — General) made under the Act; (c) land described in paragraph 1 of subsection 257.53 (2) of the Act, but only for land acquired by the board when the board meets any of the conditions set out in paragraph 2 of section 10 of Ontario Regulation 20/98 and only to the extent that the cost of the land is not a growth-related net education land cost within the meaning of Division E of Part IX of the Act; (d) services described in paragraph 2 of subsection 257.53 (2) of the Act, but only for services relating to land acquired by the board when the board meets any of the conditions set out in paragraph 2 of section 10 of Ontario Regulation 20/98 and only to the extent that the cost of the services is not a growth-related net education land cost within the meaning of Division E of Part IX of the Act; (e) school buildings, fixtures of school buildings, fixtures of school properties, and additions, alterations, renovations or major repairs to school buildings, fixtures of school buildings or fixtures of school properties; (f) furniture and equipment to be used in school buildings; (g) library materials for the initial equipping of libraries in school buildings; (h) installations on school properties to supply school buildings on the properties with water, sewer, septic, electrical, heating, cooling, natural gas, telephone or cable services, and alterations, replacements or major repairs to those installations; (i) changes to the level, drainage or surface of school properties; and (j) equipment, supplies and services the board requires in order to comply with the standards under the Ontario Water Resources Act for water treatment and water distribution systems to provide potable water. (3) Subject to subsection (4), it is a condition of the payment of the amount for new pupil places to a board under this Regulation, (a) that the board borrow money or incur debt for the portion of the costs described in paragraphs 3, 5, 6, 7 and 8 of subsection (1) that is 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. (4) If the portion of the amount determined under paragraph 10 of subsection (1) that is in respect of permanent improvements exceeds the amount determined under paragraph 2 of subsection (1), the condition set out in subsection (3) does not apply to the amount of the excess.