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 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. The fund manager will administer 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 specifies that the fund's resources cannot be used to pay prior debts of individuals involved in forming the charter school or for unrelated purchases. Loans must be repaid within three years, and the terms will be tailored to the affordability needs of each project. Additionally, the bill mandates that any unspent funds at the end of the fiscal year remain in the fund and be invested by the state treasurer, with interest credited back to the fund. The bill is set to take effect upon the governor's signature or after the designated time for gubernatorial action.