OAR 581-027-0015: Calculations for Oregon School Capital Improvement Matching Program Funding Formula

(1) The Department shall provide State Matching Grants to Districts from available resources in the Oregon School Capital Improvement Matching Account. (2) Sixty-six percent (66%) of the available resources in the Oregon School Capital Improvement Matching Account for a biennium shall be awarded based on the Priority List. (3) Thirty-four percent (34%) of the available resources in the Oregon School Capital Improvement Matching Account for a biennium shall be awarded based on the order in which applications are received during the application period established by the Department for the Funding Cycle. (4) The Department shall use a funding formula to determine the amount of State Matching Grant funds each District is eligible to receive from the Oregon School Capital Improvement Matching Account. This funding formula will be used to determine eligibility for State Matching Grants awarded through both the Priority List and First in Time application process. (5) The District’s Assessed Property Value shall be divided by the District’s Extended ADMw less virtual charter school enrollment to determine the district’s Assessed Value per ADMw. ( 6) The Districts shall be ranked from the lowest Assessed Value per ADMw as the top ranked district to the highest Assessed Value per ADMw as the lowest rank and receive a grant as follows: (a) Districts ranked 1 through 50 based on Assessed Value per ADMw shall receive a grant up to $12,000,000; (b) Districts ranked 51 through 99 based on Assessed Value per ADMw shall receive a grant up to $10,000,000; (c) Districts ranked 100 through 148 based on Assessed Value per ADMw shall receive a grant up to $8,000,000; and (d) Districts ranked 149 through 197 based on Assessed Value per ADMw shall receive a grant up to $6,000,000. (7) A District’s maximum grant shall be modified as follows: (a) If a District passes a local general obligation bond that is greater than or equal to $360 million, then the district shall receive a State Matching grant of $12 million regardless of the District’s eligibility based on its ranking per Assessed Value per ADMw; and (b) A District that passes a local general obligation bond that is less than or equal to the amount of the State Matching Grant based on section (8) above, shall receive a State Matching grant equal to the lesser of total proceeds from the sale of the Local GO Bonds exclusive of underwriter’s discount and other costs of issuance or the original amount requested by the District . (8) Under no circumstances shall the grant amount exceed the bonded debt limit as stated in ORS 328.425. (9) By June 1 of each odd numbered year, the Department’s Office of School Facilities shall publish inflation-adjusted State Matching Grant amounts based on the Consumer Price Index for All Urban Consumers, West Region (All Items), as published by the Bureau of Labor Statistics of the United States Department of Labor. (10 ) Local GO Bonds used by a District to qualify for the OSCIM Program must be closed within nine (9) months of the date of the election at which the Local GO Bonds were approved.