(a)(1)(A) A local or regional board of education, (B) a regional educational service center, (C) the Board of Trustees of the Community-Technical Colleges on behalf of Quinebaug Valley Community College and Three Rivers Community College, (D) a cooperative arrangement pursuant to § 10-158a, or (E) to assist the state in meeting its obligations pursuant to the decision in Sheff v. O’Neill, 238 Conn. 1 (1996), or any related stipulation or order in effect, as determined by the Commissioner of Education, (i) the Board of Trustees of the Community-Technical Colleges on behalf of a regional community-technical college, (ii) the Board of Trustees of the Connecticut State University System on behalf of a state university, (iii) the Board of Trustees for The University of Connecticut on behalf of the university, (iv) the board of governors for an independent institution of higher education, as defined in subsection (a) of § 10a-173, or the equivalent of such a board, on behalf of the independent institution of higher education, and (v) any other third-party not-for-profit corporation approved by the commissioner which transports a child to an interdistrict magnet school program, as defined in § 10-264l, in a town other than the town in which the child resides shall be eligible pursuant to § 10-264e to receive a grant for the cost of transporting such child in accordance with this section.

(2) Except as provided in subdivisions (3) and (4) of this subsection, the amount of such grant shall not exceed an amount equal to the number of such children transported multiplied by one thousand three hundred dollars.

(3) For districts assisting the state in meeting its obligations pursuant to the decision in Sheff v. O’Neill, 238 Conn. 1 (1996), or any related stipulation or order in effect, as determined by the commissioner, (A) for the fiscal year ending June 30, 2010, the amount of such grant shall not exceed an amount equal to the number of such children transported multiplied by one thousand four hundred dollars, and (B) for the fiscal year ending June 30, 2011, and each fiscal year thereafter, the amount of such grant shall not exceed an amount equal to the number of such children transported multiplied by two thousand dollars.

(4) In addition to the grants otherwise provided pursuant to this section, the Commissioner of Education may provide supplemental transportation grants to regional educational service centers for the purposes of transportation to interdistrict magnet schools. Any such grant shall be provided within available appropriations and after the commissioner has reviewed and approved the total interdistrict magnet school transportation budget for a regional educational service center, including all revenue and expenditure estimates. For the fiscal years ending June 30, 2013, to June 30, 2018, inclusive, in addition to the grants otherwise provided pursuant to this section, the Commissioner of Education may provide supplemental transportation to interdistrict magnet schools that assist the state in meeting its obligations pursuant to the decision in Sheff v. O’Neill, 238 Conn. 1 (1996), or any related stipulation or order in effect, as determined by the commissioner. Any such grant shall be provided within available appropriations and upon a comprehensive financial review, by an auditor selected by the Commissioner of Education, the costs of such review may be paid from funds that are part of the supplemental transportation grant. Any such grant shall be paid as follows: For the fiscal year ending June 30, 2021, up to seventy per cent of the grant on or before June thirtieth of the fiscal year, and the balance on or before September first of the following fiscal year upon completion of the comprehensive financial review, provided any unpaid balance of eligible transportation costs incurred on or before December thirty-first of the fiscal year based on documentation, including, but not limited to, vendor bills dated on or before February first of the fiscal year, and any unpaid balance of eligible transportation costs incurred on or before March thirty-first of the fiscal year based on documentation, including, but not limited to, vendor bills on or before May first of the fiscal year, and the balance of the grant on or before September first of the following fiscal year upon completion of the comprehensive financial review. For the fiscal year ending June 30, 2022, up to one hundred per cent of the grant on or before June thirtieth of the fiscal year and any remaining balance on or before September first of the following fiscal year upon completion of the comprehensive financial review. If, upon completion of the comprehensive financial review, the commissioner determines that there was an overpayment of the grant in the prior fiscal year, such funds shall be refunded to the department. For the fiscal year ending June 30, 2023, and each fiscal year thereafter, up to ninety-five per cent of the grant on or before June thirtieth of the fiscal year based on documentation provided prior to May thirty-first of the fiscal year and the balance on or before September first of the following fiscal year upon completion of the comprehensive financial review. If, upon completion of the comprehensive financial review, the commissioner determines there was an overpayment of the grant in the prior fiscal year, such funds shall be refunded to the department.

(5) The Department of Education shall provide such grants within available appropriations. Nothing in this subsection shall be construed to prevent a local or regional board of education, regional educational service center or cooperative arrangement from receiving reimbursement under § 10-266m for reasonable transportation expenses for which such board, service center or cooperative arrangement is not reimbursed pursuant to this section.

(b) Grants under this section shall be contingent on documented costs of providing such transportation. Eligible entities identified in subdivision (1) of subsection (a) of this section shall submit applications for grants under this section to the Commissioner of Education in such form and at such times as he prescribes. Grants pursuant to this section shall be paid as follows: In October one-half of the estimated eligible transportation costs and the balance of such costs in May.

(c) Each eligible entity identified in subdivision (1) of subsection (a) of this section participating in the grant program shall prepare a financial statement of expenditures which shall be submitted to the Department of Education on or before September first of the fiscal year immediately following each fiscal year in which the school district, regional educational service center or cooperative arrangement participates in the grant program. Based on such statement, any underpayment or overpayment may be calculated and adjusted by the Department of Education in the grant for any subsequent year.