(1) (a) Except as provided in Subsection (1)(b), after reviewing an eligible school district's ability to independently generate project funding, the panel may recommend to the state board, and the state board may authorize a distribution of capital project funding in the following amounts to an eligible school district for a capital development project that the panel has prioritized: (i) for an eligible school district with a capital local levy rate of at least 0.00105, up to 50% of the total cost of the capital development project as a 1:1 matching grant; (ii) for an eligible school district with a capital local levy rate of at least 0.0015, up to 66.67% of the total cost of the capital development project as a 2:1 matching grant; (iii) for an eligible school district with a capital local levy rate of at least 0.0018, up to 75% of the total cost of the capital development project as a 3:1 matching grant; (iv) for an eligible school district with a capital local levy rate of at least 0.00225, up to 80% of the total cost of the capital development project as a 4:1 matching grant; and (v) up to 100% of the total cost of the capital development project as a non-matching grant for an eligible school district that: (A) has incurred debt equal to 90% of the debt limit imposed by Utah Constitution, Article XIV, Section 4; and (B) unless the school district's capital local levy rate is at least 0.00225, increases the school district's capital local levy by 10% after March 24, 2022. (b) Notwithstanding Subsection (1)(a), if increasing a capital local levy to a threshold described in Subsection (1)(a) would result in a per-household property tax that, based on county property tax data in the State Tax Commission's annual report, is higher than 125% of the statewide average of property tax as a percentage of household income, based on census household income data, the threshold necessary to qualify for the relevant level of grant funding shall be the capital local levy rate that would result in an overall per-household property tax that is equal to 125% of the statewide average of property tax as a percentage of household income. (2) The panel shall determine the terms of a grant described in Subsection (1), subject to approval by the state board. (3) A school district that receives grant funding under this section shall demonstrate the ability to provide sufficient ongoing funding to support the operation and maintenance of the new or renovated facility resulting from the capital development project based on standards that the panel establishes. Revisor instructions Chapter 407, 2022 General Session
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