Senate Bill No. 321, introduced by Senator Edmonds, establishes the Charter School Facilities Fund within the Louisiana Department of Education. The fund aims to provide financial assistance to charter schools in Louisiana, specifically Type 1, Type 2, and Type 3 schools, to help them acquire or improve their facilities. The bill outlines that all appropriated funds, including grants and donations, will be deposited into this fund and allocated by the State Board of Elementary and Secondary Education (BESE) to a non-profit fund manager. This manager will oversee the distribution of low-interest loans to eligible charter schools, with a maximum loan amount of $100,000 for start-up and early operating expenses.

The legislation also stipulates that the fund manager must have experience managing similar funds and a proven ability to raise private donations. It prohibits the use of loaned funds for prior debts or personal expenses of individuals involved in forming the charter school. Additionally, loans must be repaid within three years, and any unspent funds at the end of the fiscal year will remain in the fund and be invested by the state treasurer. The bill is set to take effect upon the governor's signature or after the designated time for gubernatorial action.