SB 1017
Establishing Charter School Direct Loan Program and Charter School Credit Enhancement Program
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- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill creates two programs within the West Virginia Economic Development Authority to support 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 establishing a debt service reserve fund. Both programs aim to foster the growth of charter schools within the state.
Key provisions
- Establishes the Charter School Direct Loan Program to provide loans for charter school projects.
- Establishes the Charter School Credit Enhancement Program to help charter schools obtain financing.
- Creates a West Virginia Economic Development Authority to govern and oversee both programs.
- Defines key terms related to the programs, such as ‘qualifying charter school’ and ‘debt service reserve fund.’
- Authorizes the authority to prioritize lending to schools in rural areas.
- Specifies financial requirements for qualifying charter schools, including credit ratings and debt service coverage ratios.
- Sets loan limits for the Direct Loan Program at $2,000,000 per school.
- Creates special revenue funds to manage program finances.
Who is affected
- Public charter schools in West Virginia
- West Virginia Economic Development Authority
- Potential charter school applicants
- Investors in charter school bonds
- Taxpayers (through state funding)
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