Upon receipt of the superintendent of public instruction's submittals under division (C) of section 3317.63 of the Revised Code, the controlling board shall approve or disapprove the loan as recommended by the superintendent, or it may approve the loan in an amount other than that recommended. As a condition for receiving a loan, the controlling board may require a school district to implement the superintendent's recommendations for expenditure reductions or impose other requirements. Repayment of a loan from the fund shall be in accordance with a schedule adopted by the controlling board, or at an earlier date if funds become available to a school district, but in no event shall repayment be made later than the fifteenth day of June of the second year following the approval of the loan. In determining the amount of a loan to a school district, the controlling board shall consider the amount of the delinquent taxes that made the district eligible to apply for a loan. In addition, the controlling board shall consider any reductions in operating expenses resulting from the implementation of recommendations made by the superintendent of public instruction or imposed by the controlling board.
Effective Date: 10-02-1989