House Bill 352 - Summary

• Amends the Public School Facilities Cooperative Fund to allow transfers to a new charter school loan guarantee program under Section 33-5217.

• Authorizes public charter schools to purchase a state guarantee of loan repayment for loans used for school site acquisition, construction, or improvement of buildings, with a 6% guarantee fee.

• Prohibits state guarantees on loans exceeding the appraised property value or where other loans are already secured against the same property.

• Establishes loan repayment as the highest obligation of charter schools and authorizes the state to deduct unpaid loan amounts from state education funding and seize school property upon bankruptcy or charter revocation.

• Creates the Public Charter School Facility Guarantee Fund to hold guarantee fees and cover any remaining loan obligations, with provisions to transfer funds from the existing Cooperative Fund if insufficient.