This bill amends and reenacts provisions related to the Louisiana Charter School Start-Up Loan Fund, expanding its authorized uses and purposes by renaming it to the Louisiana Charter School Start-Up and Expansion Loan Fund. The bill allows for funding to assist eligible charter schools in expanding existing operations and facilities or establishing new ones, including costs associated with facility predevelopment, development, and financing activities. It establishes eligibility criteria for charter schools, which can now include affiliated organizations, and outlines the administration, investment, and disposition of fund monies. The division of administration is given authority to enter into contracts, reimburse administrative expenses, and set rules for loan agreements, including terms, repayment schedules, and eligible costs.

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. It specifies that loans can be up to five million dollars and outlines the conditions under which loans must be repaid, including the possibility of variable interest rates. 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 to the legislature on fund activities. Overall, the legislation aims to enhance the financial support available to charter schools in Louisiana while ensuring accountability and transparency in the use of loan funds.

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