SB 1051
Creating Charter School Revolving Loan Fund
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Sign in to take action- Introduced
- Passed Senate
- Passed House of Delegates
- To Governor
- Became Law
Bill overview
This bill establishes the Charter School Revolving Loan Fund in West Virginia. The fund will provide low-interest loans to public charter schools for facility projects. Loan repayments will be recycled back into the fund to support future charter school projects. The Professional Charter School Board will be responsible for administering the fund and developing rules for its operation, with initial loans to be distributed during the 2027 fiscal year.
Key provisions
- Creates the Charter School Revolving Loan Fund.
- Provides low-interest loans to public charter schools for facility projects.
- Requires loan repayments to be recycled back into the fund.
- The Professional Charter School Board will administer the fund and establish rules.
- Initial loans will be distributed during the 2027 fiscal year.
- The fund’s rules must include application requirements, loan limitations, and repayment terms.
- The State Treasurer will administer the fund.
- The bill includes the Professional Charter School Board in the definition of ‘agency’ for rule-making purposes.
Who is affected
- Public Charter Schools
- Professional Charter School Board
- West Virginia State Government
- Potential Charter School Applicants
- Taxpayers (through state appropriations)
Notable changes
- Establishes a dedicated funding source for charter school facilities.
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