WAC 392-347-020. Formula for determining the amount of state funding assistance

State funding assistance in an approved modernization project shall be derived by applying the state funding assistance percentage determined pursuant to provisions of RCW 28A.525.166 and WAC 392-343-025 to the eligible cost which shall be calculated by multiplying the approved square foot area of the modernization project by the construction cost allocation for the fiscal year funded, less any deductions as set forth in WAC 392-347-023 if applicable, by the factor in WAC 392-347-040 set forth, any cost in excess thereof shall be financed entirely by the school district.