For purposes of this part, the following terms shall mean as follows:

1. (1) “Average daily membership” means the total number of days attended plus the total number of days absent by students in grades kindergarten through twelve (K-12) during the first three (3) quarters of the school year divided by the number of school days actually taught in the district during that period of time rounded up to the nearest hundredth;
2. (2) “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;
3. (3) “Bonded indebtedness incurred for academic facilities” means bonded indebtedness calculated by the Division of Public School Academic Facilities and Transportation as follows: in determining the amount of a district’s bonded indebtedness incurred for academic facilities, the division shall assume that all construction on academic and nonacademic facilities was proportionate to each project;
4. (4) “Commission” means the Commission for Arkansas Public School Facilities and Transportation;
5. (5) “Department” means the Department of Education;
6. (6) “Division” means the Division of Public School Academic Facilities and Transportation;

7. (7)

   1. (A) “Maximum expected millage” means, for the purposes of this loan program, 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:

         1. (a) (a) Most recent millage election prior to the April 15 applications 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 consolidated or annexed school districts that does not have a unified millage rate will be calculated on a case-by-case basis; and
8. (8) “Revenue generated from the maximum expected millage” means revenue calculated by multiplying the prior calendar year assessment data by ten (10) mills.