Amends GS 115C-238.29H to require the State Board of Education to establish a revolving loan fund to provide interest-free start up funds, of no more than $25,000, to a charter school granted an initial charter. Requires the loan to be repaid in 12 equal monthly installments beginning in the month in which the initial allocation is made; if the school does not begin operation or operate for the full 12 months, the nonprofit must repay the remaining loan amounts over the same time period. Makes a conforming change to GS 115C-238.29D.
Appropriates $1.575 million for 2013-14 and $1.575 million for 2014-15 from the General Fund to the State Board of Education for the revolving loan fund.
Effective July 1, 2013.
START-UP FUNDS FOR NEW CHARTER SCHOOLS.
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| View NCGA Bill Details(link is external) | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT TO PROVIDE ADVANCE ALLOTMENTS FUNDS FOR NEW CHARTER SCHOOLS.Intro. by Brandon, Lambeth, Hardister, Hanes.
Status: Ref to the Com on Education, if favorable, Appropriations (House Action) (Apr 17 2013)
Bill History:
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Tue, 12 Mar 2013 House: Filed(link is external)
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Thu, 14 Mar 2013 House: Passed 1st Reading(link is external)
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Wed, 17 Apr 2013 House: Withdrawn From Com(link is external)
H 291
Bill Summaries:
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Bill H 291 (2013-2014)Summary date: Mar 12 2013 - View Summary
View: All Summaries for Bill