Section 198:15-v Alternative School Building Aid Grants.
I. The amount of the annual grant to any school district duly organized, any city maintaining a school department within its corporate organization, any cooperative school district as defined in RSA 195:1, or any receiving district operating an area school as defined in RSA 195-A:1, shall be determined as follows:
(a) Determine each municipality's equalized valuation per pupil by dividing the municipality's equalized valuation by the average daily membership in residence within each municipality. Assign each municipality a rank beginning with the municipality having the lowest equalized valuation per pupil ranked as number one, and continuing therefrom.
(b) Determine each municipality's median family income, and assign each municipality a rank beginning with the municipality having the lowest median family income ranked as number one and continuing therefrom.
(c) Add the rankings assigned in subparagraphs I(a) and I(b) and divide the sum by 2 to yield the building aid factor.
II. (a) The amount of the annual grant in this subdivision shall be a sum equal to a percentage of the amount of the annual payment of principal on all outstanding borrowings of the school district, city, cooperative school district, joint maintenance agreement, or receiving district, for all approved costs of construction or purchase of school buildings and school administrative unit facilities, for which loans are approved after July 1, 2005 according to the following table:
Building Aid Single District Preexisting District in aFactor Cooperative School District, Area School, or Joint Maintenance Agreement 0""59 60 percent 60 percent 60""69 55 percent 60 percent 70""89 45 percent 55 percent 90""114 40 percent 50 percent 115 or greater 30 percent 40 percent
(b) The percentage once determined for a particular borrowing shall not thereafter be subject to change.
III. A cooperative school district, receiving district operating an area school, or joint maintenance agreement grant amount shall be determined by calculating the percentage of the average daily membership in residence represented by each municipality which has entered into the agreement and multiplying this percentage by each municipality's percentage of annual building aid eligibility under paragraph II of this section. This product shall be multiplied by the projected cost of the building project. The sum of the resulting products shall be the annual building aid grant for the cooperative school district, area school, or joint maintenance agreement.
Source. 2003, 296:2, eff. July 1, 2005.