The superintendent of public instruction shall:
(A) Develop appropriate forms for applications for loans under section 3317.64 of the Revised Code;
(B) Receive and evaluate loan applications from school districts. When an application is received, the superintendent shall immediately notify legislators representing the applying district of such application.
(C) Submit the following to the controlling board for each application:
(1) A copy of the application;
(2) Recommendations regarding whether a loan should be made to the school district and the amount of such loan, and a proposed repayment schedule including the payment of interest at the rate currently prevailing for short-term loans as determined and certified by the treasurer of state; such repayment may be made by a schedule of deductions from a school district's monthly distribution received pursuant to this chapter;
(3) Recommendations for implementing reductions in the budget of the school district.
(D) Assess a penalty in the amount of one per cent per month on any amount of a loan not paid on or before the date due as set forth in the payment schedule adopted by the controlling board under section 3317.64 of the Revised Code;
(E) Collect payments plus interest on any loan approved by the controlling board under section 3317.64 of the Revised Code, and any penalty, as provided in division (D) of this section, on any amount of a loan not paid on or before the date due as set forth in the payment schedule adopted by the controlling board under section 3317.64 of the Revised Code. All moneys collected from the district under this division shall be deposited in the state treasury to the credit of the lottery profits education fund.
(F) Make quarterly reports to the controlling board and to the general assembly on the status of the fund and outstanding loans and include any recommendations for improving the loan program.
Effective Date: 10-02-1989