S.F. No. 2716 Summary

• Charter School Authorizer Requirements: Establishes approval process for charter school authorizers with specific criteria for capacity, application procedures, contracting processes, oversight, and renewal processes; requires existing authorizers to apply for approval by June 30, 2011.

• Charter School Facilities Authority Creation: Creates state agency with eight-member board to provide efficient financing for charter school facilities and determine which schools qualify to purchase, renovate, or construct facilities using bond financing.

• Bond Financing and Revenue Bonds: Authorizes Charter School Facilities Authority to issue up to $150,000,000 in state revenue bonds for endorsed charter schools to finance facility acquisition, renovation, or construction, with state payment backup for potential defaults.

• Building Lease and Facilities Aid Programs: Establishes three building aid programs—building lease aid, facilities aid, and building lease transition aid—with specific eligibility requirements and per-pupil limits; includes credit enhancement account funded by state appropriations.

• Enhanced Conflict of Interest and Accountability Protections: Strengthens provisions prohibiting conflicts of interest for charter school board members and authorizer employees; requires detailed lease documentation and commissioner oversight; establishes procedures for school closure and asset distribution.