(2) A school district that seeks a grant under this section must prepare and submit a facilities assessment and a long-range facilities plan to the department with the application for the grant.

(3) A school district is eligible to receive a grant under this section if:

(a) The school district complies with the requirements of this section and rules adopted pursuant to this section; and

(b) Moneys are available to the school district pursuant to subsection (6) of this section.

(4) A school district that receives a grant under this section must provide matching funds that meet or exceed the amount of the grant. The matching funds must be from general obligation bonds approved by the voters of the school district to finance capital costs of the school district.

(5) Grants awarded under this section shall be calculated as follows:

(a) For a school district that provides matching funds in any amount up to $4 million, a matching ratio for state to local funds of one to one.

(b) For a school district that provides matching funds in any amount greater than $4 million, a matching ratio for state to local funds that is based on the funding formula developed as provided in subsection (7)(c) of this section. Grants awarded under this paragraph shall be for a minimum of $4 million per grant and a maximum of $8 million per grant.

(6)(a) The department shall award grants to school districts as follows:

(A) Sixty percent of funds available for grants shall be based on the priority list established under subsection (7)(b) of this section; and

(B) Forty percent of funds available for grants shall be provided to school districts based on the order in which the Department of Education receives the completed applications for the grants.

(b) To the extent that moneys are available, a school district that receives moneys as provided by paragraph (a)(A) of this subsection also may receive moneys as provided by paragraph (a)(B) of this subsection. The total amount the school district receives may not exceed the maximum amount allowed under subsection (5) of this section.

(7)(a) For the purpose of awarding grants under this section, the department shall develop a priority list and a funding formula that are based on:

(A) The total assessed value of all tangible property located in the school district;

(B) The percentage of poverty families within the school district, as calculated under ORS 327.013 (1)(c)(A)(v)(I); and

(C) The number of students in average daily membership for the school district, as calculated under ORS 327.061.

(b) The priority list developed under this subsection shall be used to rank the order in which school districts may qualify to receive a grant under subsection (6)(a)(A) of this section.

(c) The funding formula developed under this subsection shall be used to determine the matching ratio for state to local funds. The funding formula must comply with the limits described in subsection (5) of this section.

(8) The State Board of Education may adopt any rules necessary for the administration of this section. [2015 c.783 §2]