360.114. Authority to determine grant amount, actual cost of issuance, when--transfers to be at no cost to school district.
Authority to determine grant amount, actual cost of issuance,when--transfers to be at no cost to school district.
360.114. 1. On or before July 1, 1997, and every two yearsthereafter, the authority shall determine the weighted average, actual costof issuance percentage for issuances under section 360.106 during the twoyears immediately preceding the date such determination is required.
2. On and after July 1, 1997, the grant amount for a school districtunder subsection 1 of section 360.113 shall be the lesser of the mostrecent weighted average, actual cost of issuance percentage, as determinedby the authority pursuant to subsection 1 of this section, times the paramount of the bonds issued or the actual costs of issuance as determined bythe authority.
3. Transfers made pursuant to a school district's participation in adirect deposit agreement under sections 360.111 to 360.118 shall be made atno cost to the school district.
(L. 1995 S.B. 301 § 360.111 subsecs. 5, 6, 7)Effective 6-27-95