20-24-12-5. Federal Funds
Sec. 5. The department may apply to the United States Department of Education for a state charter school facilities incentive program grant authorized under 34 U.S.C. 7221d(b). The department shall use the proceeds of any state charter school facilities incentive program grant awarded to the state for purposes of the program. To the extent permitted […]
20-24-12-6. Use of Funds
Sec. 6. The department may authorize money in the fund to be used for any of the following purposes: (1) To pay first semester costs for charter schools first opening after June 30, 2011. (2) To repay advances and loans to charter schools made before June 30, 2011. (3) To match federal grants described in […]
20-24-12-7. Procedures for Providing Grants and Loans
Sec. 7. (a) The department shall establish written procedures for providing grants or loans from the fund to charter schools. The written procedures must include at least the following: (1) An application procedure. (2) A procedure to identify projects that may qualify for a grant or loan. (3) Criteria for establishing the priority of projects […]
20-24-12-8. Criteria for Receiving Grant or Loan
Sec. 8. In making its determination to approve or disapprove a grant or loan application, the department may consider the following: (1) The soundness of the financial business plans of the applicant charter school. (2) The availability to the charter school of other sources of funding. (3) The geographic distribution of grants or loans made […]
20-24-12-9. Grant or Loan on per Student Basis
Sec. 9. The department may make grants or loans under this chapter on a per student basis. As added by P.L.91-2011, SEC.25.
20-24-12-10. Conditions Applying to Loan
Sec. 10. The following apply to a loan from the fund to a charter school under this chapter: (1) A loan may not exceed the maximum amount set by the department. (2) The term of the loan may not exceed fifteen (15) years after the date of the loan. (3) A charter school may receive […]
20-24-12-11. Repayment of Loans
Sec. 11. A charter school receiving a loan under this chapter shall repay the loan from: (1) the amount of state tuition support that the charter school is eligible to receive; and (2) to the extent that state tuition support is insufficient to meet the debt service obligations of the charter school, other resources available […]
20-24-12-12. Department to Withhold Loan Repayments
Sec. 12. The department shall withhold the amount of the balance of the loan due in a year on a loan made under this chapter from state tuition support distributions that would otherwise be made in the year to the charter school. To the extent possible, the department shall withhold an equal amount from each […]
20-24-12-1. Establishment
Sec. 1. The charter school facilities assistance program is established. As added by P.L.91-2011, SEC.25.
20-24-12-2. Purpose
Sec. 2. The purpose of the program is to make grants and loans to charter schools for the purpose of: (1) constructing; (2) purchasing; (3) renovating; (4) maintaining; (5) paying first semester costs for new; and (6) reducing common school fund debt for; charter schools. As added by P.L.91-2011, SEC.25.