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 requires eligible charter schools to submit a supplemental reporting schedule as part of their annual financial reporting, detailing loan amounts, expenditures on tangible items, and other related costs. It specifies that loans can be up to five million dollars and must be repaid according to the terms set in the loan agreement. The bill also includes provisions for the transfer of assets if a charter school ceases to operate during the loan term and mandates annual reporting on fund activities to the legislature. Overall, the legislation aims to enhance the financial support available to charter schools in Louisiana, facilitating their growth and operational needs.

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)