Section 3313.484 | Loans after 3-1-98 prohibited - subsidy for interest expense.
By the last day of June each year, the department of education shall calculate and pay a subsidy to every school district that during the current fiscal year paid and was obligated to pay interest on a loan under sections 3313.483 to 3313.4810 of the Revised Code in excess of two per cent simple interest. The amount of the subsidy shall equal the difference between the amount of interest the district paid and was obligated to pay during the year and the interest that the district would have been obligated to pay if the interest rate on the loan had been two per cent per year.
Available Versions of this Section
- September 29, 2013 – House Bill 59, 130th General Assembly [ View September 29, 2013 Version ]