Interest on capital debt allocation
 55. (1) The interest on capital debt allocation is the total of the following amounts: 1. The amount of interest incurred by the board in the current 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 current 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 current fiscal year to the Ontario Financing Authority in respect of the following amounts: i. The amount determined under subsection 51 (1) of the 2010-2011 grant regulation. ii. The amount determined under subsection 52 (1) of the 2010-2011 grant regulation. iii. The amount determined under subsection 54 (1) of the 2011-2012 grant regulation. iv. The amount determined under subsection 55 (1) of the 2011-2012 grant regulation. v. The amount determined under subsection 53 (1) of the 2012-2013 grant regulation. vi. The amount determined under subsection 54 (1) of the 2012-2013 grant regulation. vii. The amount determined under subsection 53 (1) of the 2013-2014 grant regulation. viii. The amount determined under subsection 54 (1) of the 2013-2014 grant regulation. ix. The amount determined under subsection 54 (1) of the 2014-2015 grant regulation. x. The amount determined under subsection 55 (1) of the 2014-2015 grant regulation. xi. The amount determined under subsection 54 (1) of the 2015-2016 grant regulation. xii. The amount determined under subsection 55 (1) of the 2015-2016 grant regulation. 4. The amount determined as follows: i. Take the total of the following amounts: A. The school condition improvement amount (part of the pupil accommodation allocation). B. The total of the amounts determined for item “I” in the formula for the capital priority projects amount (part of the pupil accommodation allocation). C. The total of the amounts determined for item “I” in the formula for the land priority purchases amount (part of the pupil accommodation allocation). D. The total of the amounts determined for item “I” in the formula for the community hub replacement amount (part of the pupil accommodation allocation). E. The total of the amounts determined for item “I” in the formula for the child care capital projects amount (part of the pupil accommodation allocation). F. The total of the amounts determined for item “I” in the formula for the EarlyON child and family centres capital projects amount (part of the pupil accommodation allocation). ii. Take the lesser of, A. the amount of short-term interest incurred by the board in the current 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 current 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. 5. The amount determined as follows: i. Take the total of the following amounts: A. The amount determined under paragraph 8 of subsection 67 (1). B. The amount determined under paragraph 8 of subsection 66 (1) of the 2020-2021 grant regulation. C. The amount determined under paragraph 8 of subsection 64 (1) of the 2019-2020 grant regulation. D. The amount determined under paragraph 8 of subsection 64 (1) of the 2018-2019 grant regulation. E. The amount determined under paragraph 8 of subsection 63 (1) of the 2017-2018 grant regulation. F. The amount determined under paragraph 8 of subsection 60 (1) of the 2016-2017 grant regulation. ii. Take the lesser of, A. the amount of short-term interest incurred by the board in the current 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 current 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 one per cent. iv. Total the amounts, if any, determined under subparagraphs ii and iii. 6. Take the total of the following amounts: i. The amount of interest incurred by the board in the current 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 current 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. (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 “District School Board and School Authority Tangible Capital Assets: Provincial Accounting Policies and Implementation Guide”, revised January 2021, before the board uses that amount for any other purpose. (3) In this section, “2009-2010 grant regulation” means Ontario Regulation 155/09 (Grants for Student Needs — Legislative Grants for the 2009-2010 School Board Fiscal Year) made under the Act, as it read immediately before it was revoked. School Operations Allocation