Senate Bill No. 321, introduced by Senator Edmonds, establishes the Charter School Facilities Fund within the Louisiana Department of Education. This fund aims to provide financial assistance to charter schools in Louisiana, specifically for the acquisition and improvement of facilities. The bill outlines that all appropriated funds, including grants and donations, will be deposited into this fund, which is subject to legislative appropriation. The State Board of Elementary and Secondary Education (BESE) will allocate these funds to a non-profit fund manager responsible for administering low-interest loans to eligible charter schools. The fund is designed to help address the financial barriers that charter schools face in securing affordable facilities.

The bill specifies that loan distributions will be limited to Louisiana Type 1, Type 2, and Type 3 charter schools, with a maximum loan amount of $100,000 for start-up and early operating expenses. It prohibits the use of loan funds for prior debts or unrelated purchases and mandates that loans must be repaid within three years. Additionally, the fund manager is tasked with ensuring compliance with the terms of the fund, and the State Superintendent of Education will be authorized to sign legal documents related to fund disbursement. The legislation is set to take effect upon the governor's signature or after the designated period for gubernatorial action.