As used in this part:

1. (1) “Academic Facilities Factor” means the ratio of the total square footage of academic facilities financed with outstanding bonded indebtedness over the combined square footage of academic and nonacademic facilities with outstanding bonded indebtedness;
2. (2) “Academic Facilities High-Growth School District Loan Program” means a program under which the Department of Education shall provide an interest-free loan to a high-growth school district in which the mills required to service the bonded indebtedness incurred for academic facilities exceed the maximum expected millage for the high-growth school district;

3. (3) “Average daily membership” means:

   1. (A) The total number of days of school attended; plus
   2. (B) The total number of days absent by students in kindergarten through grade twelve (K-12) during the first three (3) quarters of each school year; divided by
   3. (C) The number of school days actually taught in the school district during that period of time; and
   4. (D) Rounded up to the nearest hundredth;

4. (4) “Bonded indebtedness incurred for academic facilities” will be calculated by the Division of Public School Academic Facilities and Transportation as:

   1. (A) The Academic Facilities Factor; multiplied by
   2. (B) Total bonded indebtedness;
5. (5) “High-growth school district” means a public school district in which the average daily membership (ADM) for the public school district in the present school year is at least four percent (4%) higher than the ADM for the public school district in the school year that is two (2) years prior to the present school year, excluding growth resulting from annexation or consolidation; and

6. (6)

   1. (A) “Maximum expected millage” means ten (10) debt service mills, representing the maximum number of debt service mills that a public school district is expected to raise to service its bonded indebtedness incurred for academic facilities.

   2. (B)

      1. (i) A school district that has “raised the maximum expected millage” must have ten (10) or more debt service mills based on the most recent millage election prior to the:

         1. (a) (a) April 15 application submission deadline, in the case of current year special elections; or
         2. (b) (b) Prior calendar year final millage report, in the absence of current year special elections.
      2. (ii) The final millage report will include rollback information.
      3. (iii) The determination of the required academic debt service mills for a consolidated or annexed school district that does not have a unified millage rate will be calculated on a case-by-case basis.
   3. (C) “Revenue generated from the maximum expected millage” is calculated by multiplying the prior calendar year assessment data by ten (10) mills.