HB 4952
Related to the establishment of the Charter School Direct Loan Program and the Charter School Credit Enhancement Program within the West Virginia Economic Development Authority
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Sign in to take action- Introduced
- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill creates two programs within the West Virginia Economic Development Authority to support the growth of public charter schools. The Charter School Direct Loan Program will provide loans for building construction, renovations, and startup costs, while the Charter School Credit Enhancement Program will help charter schools secure favorable financing by replenishing their debt service reserve funds. Both programs are governed by the Authority and aim to provide efficient and cost-effective financial support to charter schools.
Key provisions
- Establishes the Charter School Direct Loan Program to provide loans for charter school facilities and operations.
- Establishes the Charter School Credit Enhancement Program to help charter schools secure bonds and replenish debt service reserve funds.
- Designates the West Virginia Economic Development Authority as the governing body for both programs.
- Creates special revenue funds to manage the loan and credit enhancement program finances.
- Defines key terms related to the programs, such as ‘qualifying charter school’ and ‘debt service reserve fund.’
- Establishes geographic preferences for lending to prioritize rural school development.
- Sets loan limits for the Direct Loan Program at $2,000,000 per charter school.
- Specifies requirements for maintaining debt service reserve funds.
Who is affected
- Public Charter Schools
- West Virginia Economic Development Authority
- Charter School Applicants
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