The bill amends and reenacts provisions related to the Louisiana Charter School Start-Up Loan Fund, expanding its purposes and renaming it to the Louisiana Charter School Start-Up and Expansion Loan Fund. The fund will now provide loans to eligible charter schools for both start-up and expansion activities, including facility predevelopment, development, and associated financing costs. The bill establishes eligibility criteria for charter schools, allows the division of administration to enter into contracts, and mandates the reimbursement of administrative expenses from the fund. It also outlines the terms of loan agreements, including maximum loan amounts and repayment conditions, while ensuring that funds are used solely for specified educational purposes.

Additionally, the bill requires eligible charter schools to submit a supplemental reporting schedule as part of their annual financial reporting, detailing loan amounts, expenditures, and other relevant financial data. The division of administration is tasked with administering the fund and ensuring compliance with applicable laws, while also submitting an annual report to the legislature on fund activities. The amendments aim to enhance financial accountability and support the growth and operational needs of charter schools in Louisiana.

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)