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Ohio Laws and Rules
(A) Any school district which is designated as the primary provider of secondary job training programs and which offers the minimum requirements as set forth in state board of education standards for career-technical education is eligible to make application for loan funds.
(B) The applicant district shall demonstrate financial need for the loan with reference to levels of assessed valuation, enrollment levels and enrollment changes, ability of the district to maintain minimum education standards, and show a good faith effort to secure funds from sources other than the state.
(C) Loan funds shall not be allotted until the district or area plan for career-technical education has been approved by the state board of education.
(D) The office of career-technical and adult education, department of education shall prepare uniform procedures including the loan application and loan agreement.
(E) Applicant school districts may file loan applications between the first day of July and the thirtieth day of June in any fiscal year.
(F) Only after verification of funds availability, agreement to terms by the eligible recipient, state board of education approval, and release of funds by the state controlling board shall the state board of education enter into a loan agreement.
(G) The applicant district shall demonstrate the ability to repay the loan, and the repayment of loans shall not exceed fifteen years for construction loans and five years for equipment loans with the repayment schedule not to exceed semiannual payments as specified in the loan agreement.
(H) If any district defaults on the repayment plan by more than sixty days and cannot reach accord for a revised repayment plan approved by the state department of education, the state department of education shall proceed to withhold an amount equal to the annual repayment schedule from the state foundation payment or other state subsidy programs in effect at the time of default.
(I) All repayments to said loan fund and any interest earned on moneys deposited with the state shall be deposited in the career-technical education school building loan fund for reallocation by the state board of education.
(J) Loans made through this fund shall be interest free and shall not be considered in calculating the net indebtedness of the school district for purposes of section 133.06 of the Revised Code.
(K) Any district adversely affected by the determination of the office of career-technical and adult education, department of education, or action of the state board of education may follow the procedure for appeal as outlined in Chapter 119. of the Revised Code.
R.C. 119.032 review dates: 06/19/2007 and 06/19/2012
Promulgated Under: 119.03
Statutory Authority: 3301.07, 3313.90
Rule Amplifies: 3313.90
Prior Effective Dates: 4/1/91, 5/12/03