This bill amends Section 33-5218 of the Idaho Code to enhance the Public Charter School Facilities Program, which aims to assist qualifying charter schools in obtaining favorable financing for facility improvements and construction. Key changes include the requirement for public charter schools to receive approval from the Idaho housing and finance association to participate in the program, with the term "must" replaced by "shall" to emphasize this obligation. Additionally, the bill establishes a new limit on the total amount of bonds that can be issued under the program, setting a cap of five hundred million dollars ($500,000,000) or the maximum aggregate annual debt service of all outstanding bonds, whichever is greater.

The bill also introduces technical corrections and clarifications regarding eligibility criteria, documentation requirements, and the management of funds within the program. It specifies that participating schools must maintain a restricted debt service reserve account and outlines the procedures for handling defaults on obligations. Furthermore, it ensures that funds from the public charter school facilities program are exclusively used for the intended purposes and establishes a framework for the repayment of any funds withdrawn due to defaults. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 33-5218