MN SF362

Charter school boards may borrow money in anticipation of receiving state and federal aid, with aggregate borrowing limited to the greater of 50% or the difference between 100% and the current year aid payment percentage.

Charter schools proposing to sell anticipated aid must provide at least 15 business days of public notice on their official website before the sale and must sell to the buyer offering the most favorable terms.

Current year aid payment percentage for charter schools in their first five years of operation is set at 90%, notwithstanding other statutory provisions.

Charter school boards must obtain liability insurance up to applicable tort liability limits under chapter 466 and submit insurance policies to their authorizer and the commissioner before operations begin.

Money received from the sale of anticipated aid must be disbursed solely for the purpose the aid is intended, with all sale terms considered public data.