To calculate an alternative equity list for fiscal year 2009 funding under the Classroom Facilities Assistance Program and the Exceptional Needs School Facilities Assistance Program for certain school districts with large one-year reductions in valuation.

Section 1. (A) As used in this section:

(1) "Alternative equity list" means a rank order of all city, exempted village, and local school districts into percentiles according to the one-year adjusted valuation per pupil of each district from lowest to higher adjusted valuation per pupil, computed as follows:

(The district's total taxable value for tax year 2006 / the district's formula ADM for fiscal year 2007) - [$30,000 x (1 -the district's income factor for fiscal year 2007)]

(2) "Original equity list" means the school district percentile ranking according to the three-year average adjusted valuation per pupil of all city, exempted village, and local school districts calculated under section 3318.011 of the Revised Code and certified to the Ohio School Facilities Commission on September 5, 2007.

(3) "Project" has the same meaning as in section 3318.01 of the Revised Code.

(4) "School district's portion of the basic project cost" means the portion of the basic project cost computed under section 3318.032 of the Revised Code.

(5) "Total taxable value," "formula ADM," and "income factor" have the same meanings as in section 3317.02 of the Revised Code.

(B) Not later than thirty days after the effective date of this section, the Department of Education shall create the alternative equity list defined in this section and shall certify that list to the Ohio School Facilities Commission for its use in determining funding of school district projects for fiscal year 2009, in the manner prescribed in division (C) of this section.

(C) Notwithstanding any provision to the contrary in Chapter 3318. of the Revised Code, for fiscal year 2009 only, in the case of any school district that has not received funding under sections 3318.01 to 3318.20 of the Revised Code in any fiscal year prior to fiscal year 2009 and for which the district's rank on the alternative equity list is at least fifteen percentiles lower than the district's rank on the original equity list:

(1) The Commission shall use the district's percentile on the alternative equity list to determine the district's priority for assistance and the school district's portion of the basic project cost for a project under sections 3318.01 to 3318.20 of the Revised Code, rather than the district's percentile on the original equity list as otherwise provided under those sections;

(2) The Commission shall use the district's percentile on the alternative equity list to determine the school district's portion of the basic project cost for a project under section 3318.37 of the Revised Code, rather than the district's percentile on the original equity list as otherwise provided under that section. The alternative equity list shall not affect any school district's eligibility and priority for assistance under that section.

The Commission shall not use the alternative equity list to determine the priority for funding or a school district's portion of the basic project cost for any other school district or for any other program administered by the Commission.

(D) If a school district is offered funding under sections 3318.01 to 3318.20 or section 3318.37 of the Revised Code for fiscal year 2009 based on this section, the district's project shall proceed as specified in those sections, except as otherwise provided in this section.