The bill amends and reenacts provisions related to the Louisiana Charter School Start-Up Loan Fund, renaming it to the Louisiana Charter School Start-Up and Expansion Loan Fund. It expands the authorized uses of the fund to include not only initial start-up funding for eligible charter schools but also funding for the expansion of existing operations and facilities. The bill establishes eligibility criteria for charter schools, allowing both existing and new schools authorized by local school boards or the State Board of Elementary and Secondary Education to apply for loans. It also outlines the administration of the fund by the division of administration, which is authorized to enter into contracts, reimburse administrative expenses, and set rules for loan processing and eligibility.

Additionally, the bill mandates that eligible charter schools must submit a supplemental reporting schedule as part of their annual financial reporting, detailing loan amounts, expenditures on tangible items, and other related costs. The loan agreements will have specific terms, including maximum amounts and repayment schedules, and will be subject to oversight to ensure compliance with financial accountability measures. The division of administration is required to submit an annual report to the legislature regarding fund activities, including the number of loans executed and the overall balance of the fund.

Statutes affected:
SB71 Original: 24:514(I)
SB71 Engrossed: 24:514(I)
SB71 Reengrossed: 24:514(I)
SB71 Enrolled: 24:514(I)
SB71 Act 413: 24:514(I)