SB836 Summary

• Establishes the Open-Enrollment Public Charter School Facilities Loan Fund beginning in the 2013-2014 school year to provide funding for safe and secure facilities for open-enrollment public charter schools.

• Fund may be supported by general revenues, federal grants from the U.S. Department of Education, and donations or bequests designated for the fund.

• Loans available for construction, lease, purchase, repair, improvement, or addition to academic facilities, with repayment periods not exceeding 10 years and interest rates capped at 1%.

• Division of Public School Academic Facilities and Transportation administers the fund and develops a prioritization system to fund projects when insufficient funding exists for all eligible requests.

• Charter schools may apply for loans without prior approval from the Commissioner of Education, and delinquent loan payments may be deducted from state funding distributed to the school.