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WV SB1017
Bill
Status
Introduced
2/20/2026
Primary Sponsor
Patricia Rucker
Click for details
AI Summary
- Creates the Charter School Direct Loan Program administered by the West Virginia Economic Development Authority to provide loans up to $2 million per charter school for building construction, renovation, startup costs, and expansion
- Establishes the Charter School Credit Enhancement Program with an initial bond issuance limitation of $75 million to help qualifying charter schools obtain favorable financing by providing a means to replenish debt service reserve funds
- Creates three special revenue funds in the State Treasury: the Charter School Direct Loan Program Fund, Charter School Credit Enhancement Program Fund, and Charter School Facilities Expense Fund, with up to 3% transferable annually for administrative costs
- Requires charter schools to meet credit rating standards for bond issuance, with annual maintenance fees ranging from 0.10% to 0.25% of outstanding debt depending on credit rating
- Mandates that charter schools receiving state appropriations to restore debt service reserve funds must repay the state within five years, and establishes geographic preferences to prioritize school development in rural areas
Legislative Description
Establishing Charter School Direct Loan Program and Charter School Credit Enhancement Program
Last Action
To Finance
2/25/2026
Committee Referrals
Finance2/25/2026
School Choice2/20/2026
Full Bill Text
No bill text available