Section 35.63. Computation of capital payments

The Commonwealth capital payments shall be computed in the following manner:

(1) Commonwealth payment from funds appropriated for that purpose shall be computed as specified by statute.

(2) Capital expenses means only expenses that are incurred as defined in the act.

(3) In those instances where combination of school districts or municipalities are approved as sponsors and they agree to share all or part of the capital obligations according to relative market values, school districts shall use the State Tax Equalization Board, and municipalities shall use the board of assessment and revision of taxes or other similar boards which determine market value of real estate.

(4) The terms and conditions of agreements for the repayment of indebtedness entered into by a community college, shall be effective only with the prior approval of the Department.

(5) The Commonwealth shall participate in the payment of capital costs incurred in the operation of a college prior to the opening of classes.

The provisions of this § 35.63 amended February 9, 1973, effective February 10, 1973, 3 Pa.B. 281; amended May 27, 1977, effective May 28, 1977, 7 Pa.B. 1426; amended July 16, 1982, effective July 17, 1982, 12 Pa.B. 2282. Immediately preceding text appears at serial pages (71517) to (71518).