School facilities: Charter School Facilities Program: undue financial burden.
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Majority
Fiscal committee
No
Appropriation
No
Current location
In Floor Process
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill changes how the state provides funding to charter schools for new facilities. Currently, charter schools must contribute 50% of the costs, either through matching funds or lease payments. The bill allows the state to reduce these requirements – either the matching share or the lease payments – if a charter school experiences an ‘undue financial burden.’ This reduction would be determined through a process involving the state, the board, and local fiscal agencies, aiming to ensure charter schools aren’t financially strained by facility funding.
Key provisions
- Requires the state to notify the board if a charter school’s matching share or lease payments would cause an ‘undue financial burden.’
- Allows the board to reduce the matching share or lease payments, increasing the grant amount to a reasonable level of debt service.
- Establishes a process for determining whether a charter school’s financial situation qualifies for a reduction in the matching share or lease payments.
- Requires the authority and board to consult with the Department of Education and County Office Fiscal Crisis and Management Assistance Team in determining financial burdens.
- Sets a framework for lease payment schedules, including amortization and interest rate considerations.
- Specifies criteria for evaluating a charter school’s financial soundness, potentially including site visits.
- Defines the process for determining security provisions related to project facilities.
- Allows for emergency regulations regarding funding rules.
Bill text
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Sponsors
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1 on record
Primary sponsor
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