(A) Application for the purchase of service credit pursuant to section 3307.78 of the Revised Code shall be made on a form provided by the state teachers retirement system and shall include certification of the service.
(B) Purchase of credit pursuant to section 3307.78 of the Revised Code shall be deemed to have occurred on the date payment of the amount specified by that section is received. Such amount shall be refunded in the event the member's retirement does not become effective within ninety days of the date of purchase and any credit posted shall be canceled.
(C) A member may purchase credit for service prior to July 1, 1991 as a school board member who meets the requirements set forth in section 3307.78 of the Revised Code. A member may purchase credit for concurrent service as a member of more than one board of education, provided that the total of all service credit earned or purchased for any school year shall not exceed one year.