Bill Summary for H 291 (2013-2014)

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Bill: START-UP FUNDS FOR NEW CHARTER SCHOOLS.

Summary date: 

Mar 12 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 291 (Public) Filed Tuesday, March 12, 2013
A BILL TO BE ENTITLED AN ACT TO PROVIDE ADVANCE ALLOTMENTS FUNDS FOR NEW CHARTER SCHOOLS.
Intro. by Brandon, Lambeth, Hardister, Hanes.

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Bill summary

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.