2006 Ohio Revised Code - [3318.03.2] 3318.032.District\'s share of basic project costs.

[§ 3318.03.2] § 3318.032. District's share of basic project costs.
 

(A)  The portion of the basic project cost supplied by the school district shall be the greater of: 

(1) The required percentage of the basic project costs; 

(2) An amount necessary to raise the school district's net bonded indebtedness, as of the date the controlling board approved the project, to within five thousand dollars of the required level of indebtedness. 

(B)  The amount of the district's share determined under this section shall be calculated only as of the date the controlling board approved the project, and that amount applies throughout the one-year period permitted under section 3318.05 of the Revised Code for the district's electors to approve the propositions described in that section. If the amount reserved and encumbered for a project is released because the electors do not approve those propositions within that year, and the school district later receives the controlling board's approval for the project, the district's portion shall be recalculated in accordance with this section as of the date of the controlling board's subsequent approval. 

(C)  Notwithstanding anything to the contrary in division (A) or (B) of this section, at no time shall a school district's portion of the basic project cost be greater than ninety-five per cent of the total basic project cost. 
 

HISTORY: 148 v H 282 (Eff 9-28-99); 148 v S 272 (Eff 9-14-2000); 149 v H 675. Eff 3-14-2003.