Amount for the replacement of schools that are prohibitive to repair
53. The amount for the board for the fiscal year for the replacement of schools that are prohibitive to repair is determined as follows: 1. Determine the portion of the cost of replacing schools of the board for which the cost of repair is prohibitive, named in Columns 3 and 4 of Table 23 opposite the name of the board, that was incurred by the board between April 1, 2006 and August 31, 2009. 2. Take the lesser of, i. the amount determined under paragraph 1, and ii. the amount set out in Column 6 of Table 23 opposite the name of the board. 3. Determine the portion of the amount determined under paragraph 2 that was financed through short-term borrowing by the board on or before April 30, 2009. 4. Take the lesser of, i. the amount of short-term interest incurred by the board in the 2008-2009 fiscal year in respect of the portion determined in paragraph 3, and ii. the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 3 if each amount borrowed had been subject to an annual interest rate of not more than 0.20 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. 4.1 Determine the portion of the amount determined under paragraph 2 that was financed through short-term borrowing by the board on or after May 1, 2009 and on or before August 31, 2009. 4.2 Take the lesser of, i. the amount of short-term interest incurred by the board in the 2008-2009 fiscal year in respect of the portion determined in paragraph 4.1, and ii. the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 4.1 if each amount borrowed had been subject to an annual interest rate of not more than 0.75 per cent greater than the annual interest rate for three-month bankers’ acceptances applicable at the time of borrowing. 5. Determine the portion of the amount determined under paragraph 2 in respect of which the board did not incur interest in the 2008-2009 fiscal year. 5.1 Determine the portion of the amount determined under paragraph 5 that was financed through withdrawals from reserves of the board on or before April 30, 2009. 5.2 Determine the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 5.1 if each amount making up the portion had been borrowed on the date that it was withdrawn from reserves of the board, at an annual interest rate of 2 per cent. 5.3 Determine the portion of the amount determined under paragraph 5 that was financed through withdrawals from reserves of the board on or after May 1, 2009 and on or before August 31, 2009. 6. Determine the amount of short-term interest that the board would incur in the 2008-2009 fiscal year in respect of the portion determined under paragraph 5.3 if each amount making up the portion had been borrowed on the date that it was withdrawn from reserves of the board, at an annual interest rate of 1 per cent. 7. Determine the total of the principal and interest payments incurred by the board in the 2008-2009 fiscal year in respect of funds that the board borrowed from the Ontario Financing Authority to pay the costs determined under paragraph 2. 8. Total the amounts, if any, determined under paragraphs 4, 4.2, 5.2, 6 and 7. O. Reg. 85/08, s. 53; O. Reg. 349/09, s. 14.