Sec. 10-292h. Interest subsidy grants to incorporated or endowed high schools and academies.
Sec. 10-292h. Interest subsidy grants to incorporated or endowed high schools
and academies. (a) For school building projects authorized by the General Assembly
prior to July 1, 1996, and for projects pursuant to subsection (b) of section 10-283 for
which application was made prior to July 1, 1997, any incorporated or endowed high
school or academy approved by the State Board of Education pursuant to section 10-34 may apply and be eligible subsequently to be considered for interest subsidy grant
commitments from the state pursuant to sections 10-292c to 10-292n, inclusive. Applications pursuant to this subsection shall be filed at such time and on such forms as the
Department of Education prescribes. The Commissioner of Education shall approve
such applications pursuant to the provisions of section 10-292f deemed applicable by
the Department of Education.
(b) The amount of any interest subsidy grant approved by said commissioner under
this section shall be computed pursuant to the provisions of section 10-292i. Grant
payments shall be made in accordance with sections 10-292c to 10-292n, inclusive, as
deemed applicable by the Department of Education.
(c) The percentage of interest subsidy grant money each incorporated or endowed
high school or academy may be eligible to receive under the provisions of subsection
(b) of this section shall be determined by its ranking. The ranking shall be determined
by (1) multiplying the total population, as defined in section 10-261, of each town which,
at the time of application for such grant commitment, has designated such school as the
high school for such town for a period of not less than five years from the date of such
application, by such town's percentile ranking, as determined in subsection (a) of section
10-292g, (2) adding together the figures for each town determined under subdivision
(1) of this subsection and (3) dividing the total computed under subdivision (2) of this
subsection by the total population of all towns which designate the school as their high
school under subdivision (1) of this subsection. The ranking determined pursuant to this
subdivision shall be rounded to the next higher whole number. Such high school or
academy shall receive the same reimbursement percentage as would a town with the
same rank.
(d) In order for an incorporated or endowed high school or academy to be eligible
for an interest subsidy grant commitment pursuant to this section, such high school or
academy shall (1) provide educational services to the town or towns designating it as
the high school for such town or towns for a period of not less than ten years after
completion of the interest subsidy grant payments under this section and (2) provide
that at least half of the governing board which exercises final educational, financial and
legal responsibility for the high school or academy, exclusive of the chairman of such
board, be representatives of the board or boards of education designating the high school
or academy as the high school for each such board's town.
(P.A. 97-265, S. 90, 98; P.A. 03-76, S. 32.)
History: P.A. 97-265 effective July 1, 1997; P.A. 03-76 made technical changes in Subsecs. (a) and (b), effective June
3, 2003.