6 CAR § 327-103 – Bonded debt assistance funding

(a)
1. (1) Each year that bonded debt assistance is to be provided under this part to an eligible school district, the Division of Public School Academic Facilities and Transportation shall ascertain the scheduled debt payment on a fiscal year basis from the principal and interest payment schedule in effect and on file with the Division of Elementary and Secondary Education on January 1, 2005.
2. (2) The amount of scheduled debt payment calculated shall be reduced by ten percent (10%) except as allowed in subsection (b) of this section.
(b) Provided a school district has demonstrated to the satisfaction of the Division of Public School Academic Facilities and Transportation, or the Commission for Arkansas Public School Academic Facilities and Transportation on valid appeal, that all or a portion of the ten percent (10%) reduction in its scheduled debt payment under subsection (a) of this section can be attributed to the support of academic facilities, then the commission shall reverse all or a portion of the ten percent (10%) reduction by a percentage proportionate to the amount attributable to academic facilities.
(c) Each year that bonded debt assistance is to be provided to eligible school districts, the Division of Public School Academic Facilities and Transportation shall divide the scheduled debt payment as adjusted under subsection (b) of this section by the total assessed valuation of taxable real, personal, and utility property in the school district as shown by the applicable county assessment for each relevant school district for the most recent year, with the result multiplied by one thousand (1,000).
(d)
1. (1) The product of subsection (c) of this section shall then be multiplied by:
  1. (A) A funding factor of eighteen dollars and three cents ($18.03) (established as required by law); and
  2. (B) The prior-year average daily membership of the school district.
2. (2) The product of this calculation shall then be multiplied by the state wealth index.
3. (3) The result is the amount of bonded debt assistance a school district is entitled to for the fiscal year.
(e) The result of the calculations in subsection (d) of this section shall be paid as bonded debt assistance as required in 6 CAR § 327-102(c).