GA SB498

Establishes the Georgia Charter School Facilities Authority, a 15-member body including the State School Superintendent, State Board of Education chairperson, and members appointed by the Governor, President of the Senate, and Speaker of the House, with initial terms expiring July 1, 2028 or July 1, 2030.

Authorizes the authority to provide revolving loans and other financing assistance to qualified charter school organizations for constructing, renovating, and rehabilitating educational facilities including classrooms, libraries, cafeterias, and career/technical education labs (excluding swimming pools, tracks, and stadiums).

Caps loans at the lesser of 20% of project cost or $2 million for general projects, and $200,000 for renovation/modernization projects, with loan terms not exceeding the charter expiration date or five years.

Assigns the authority to the Georgia State Financing and Investment Commission for administrative purposes, with the authority permitted to withhold up to 5% of its appropriation for personnel and operational costs until note proceeds are sufficient.

Provides that the authority's obligations do not constitute state debt, exempts the authority from state and local taxes on its property and income (excluding sales/use tax on purchases), and authorizes withholding of state funds from charter schools that default on loan payments.