To calculate an alternate equity list for fiscal year 2008 for purposes of determining school districts' eligibility for assistance under the Classroom Facilities Assistance Program and their local shares in fiscal year 2009.

Section 1. (A) As used in this section, "equity list" means the school district percentile rankings calculated under section 3318.011 of the Revised Code.

(B) Not later than thirty days after the effective date of this section, the Department of Education shall create an alternate equity list for fiscal year 2008 by recalculating each school district's percentile ranking under section 3318.011 of the Revised Code and shall certify the alternate equity list to the Ohio School Facilities Commission. For this purpose, the Department shall recalculate every school district's percentile ranking using the district's "valuation per pupil" as that term is defined in the version of section 3318.011 of the Revised Code in effect on and after September 29, 2007. When recalculating the percentile rankings, the Department shall use the same values for "average taxable value," "formula ADM," and "income factor," as those terms are defined in section 3318.011 of the Revised Code, that it used in calculating the original equity list for fiscal year 2008 certified to the Commission on September 5, 2007, and shall not use any updated values for those variables.

(C) The Commission shall use the alternate equity list certified under division (B) of this section to determine the priority for assistance under sections 3318.01 to 3318.20 of the Revised Code in fiscal year 2009 for each school district that has not previously been offered funding under those sections. The alternate equity list shall not affect any school district's eligibility for the Exceptional Needs School Facilities Assistance Program under section 3318.37 of the Revised Code.

(D) Notwithstanding any provision of Chapter 3318. of the Revised Code to the contrary, for each school district that receives the Commission's conditional approval of the district's project under sections 3318.01 to 3318.20 or section 3318.37 of the Revised Code in fiscal year 2009, the district's portion of the basic project cost shall be the lesser of the following:

(1) The amount required under section 3318.032 of the Revised Code calculated using the percentile in which the district ranks on the alternate equity list certified under division (B) of this section;

(2) The amount required under section 3318.032 of the Revised Code calculated using the percentile in which the district ranks on the original equity list for fiscal year 2008.