§5–327.

    (a)    (1)    In this section the following words have the meanings indicated.

        (2)    “Baseline total cost of ownership” means the typical total cost of ownership of a new school building or a school facility renewal, as calculated by the Interagency Commission.

        (3)    “Estimated total cost of ownership” means the total cost of ownership of a new school building or a school facility renewal and the concomitant analysis as estimated by a local education agency before the construction of a new school building or a school facility renewal begins.

        (4)    (i)    “Projected actual total cost of ownership as constructed” means the total cost of ownership of a new school building or a school facility renewal and the concomitant analysis as calculated by a local education agency after the construction of the new school building or the school facility renewal is complete.

            (ii)    “Projected actual total cost of ownership as constructed” includes the sum of:

                1.    The actual costs of construction and operation of the new school building or the school facility renewal as of the date of the calculation; and

                2.    An estimation of future costs.

        (5)    “School facility renewal” means a capital improvement project for an existing school that, on completion:

            (i)    Will reduce the school’s facility condition index, as defined in § 5–310 of this subtitle, to 0.15 or lower; and

            (ii)    Results in a like–new operational condition for the school.

        (6)    “State share percentage” means the percentage of eligible costs, as defined in regulations adopted in accordance with § 5–303 of this subtitle, for the construction of a new school building or a school facility renewal paid for by the State.

    (b)    If a project for the construction of a new school building or a school facility renewal has an estimated total cost of ownership that is at least 15% less than the baseline total cost of ownership, the county shall receive a 5 percentage point increase in the State share percentage for that project.

    (c)    (1)    Subject to paragraph (2) of this subsection, if a project has a projected actual total cost of ownership as constructed that is not at least 15% less than the baseline total cost of ownership, the county that received a 5 percentage point increase in the State share percentage for that project shall repay that amount to the Interagency Commission.

        (2)    The Interagency Commission shall establish a process for a county to repay the Interagency Commission the amount of the 5% increase in the State share percentage of a project that met the requirements under subsection (b) of this section, if approximately 12 to 17 months after the date on which construction is complete and the local education agency begins using the building or renewal for its intended purpose, the projected actual total cost of ownership as constructed is not at least 15% less than the baseline total cost of ownership.

    (d)    The Interagency Commission, in coordination with the Department and the Department of General Services, shall develop life cycle cost analysis standards.

    (e)    The Interagency Commission shall adopt regulations to carry out this section.