For extended leases of buildings and facilities for school use authorized under the provisions of section 703.1¹ which have been approved by the Secretary of Education, the Department of Education shall calculate an approved reimbursable annual rental charge.

Approved reimbursable annual rental for such approved leases of building facilities constructed for school use shall be the lesser of (i) the product of the annual rental payable under the provisions of the approved lease agreement times the ratio of the pupil scheduled area to the architectural area, or (ii) the product of the rated pupil capacity as determined by the Department of Education at the time of initial lease times one hundred sixty dollars ($160) for elementary schools, two hundred twenty dollars ($220) for secondary schools, or two hundred seventy dollars ($270) for area career and technical schools.

Annual approved rental payable for approved leases of existing facilities altered for school use shall be the lesser of (i) the product of the annual rental payable under the provisions of the approved lease agreement times the ratio of the pupil scheduled area to the architectural area, or (ii) the product of the rated pupil capacity, as determined by the Department of Education at the time of initial lease, times one hundred twelve dollars ($112) for elementary, one hundred fifty-four dollars ($154) for secondary, or one hundred eighty-nine dollars ($189) for area career and technical schools.