School boards, local; composite index of local ability-to-pay, required local effort.

Local school boards; composite index of local ability-to-pay; required local effort; adjustment in certain circumstances.Provides that in any case in which a local school board entersinto a comprehensive agreement with a private entity pursuant tothe Public-Private Education Facilities and Infrastructure Act of2002 whereby the private entity finances the construction of a newpublic school building in the local school division through the issuanceof bonds; leases the building to the local school board in an arrangementsuch as a certificate of participation, a double net lease, or atriple net lease; and expects the local school board to make leasepayments in an annual amount that approximates or is equal to theannual debt service on such bonds, the Department of Education shallnot consider 50 percent of such lease payments as capital outlayand debt service and therefore shall not subtract such payments inthe biennial calculation of net local expenditures for operationsor required local effort for the purpose of determining such localschool division's composite index of local ability-to-pay, if sorequested by the local school board.