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.
Status: Ref to the Com on Education, if favorable, Appropriations (House Action) (Apr 17 2013)
Tue, 12 Mar 2013 House: Filed
Thu, 14 Mar 2013 House: Passed 1st Reading
Thu, 14 Mar 2013 House: Ref To Com On Appropriations Subcommittee on Education
Wed, 17 Apr 2013 House: Withdrawn From Com
Wed, 17 Apr 2013 House: Ref to the Com on Education, if favorable, Appropriations
Bill H 291 (2013-2014)Summary date: Mar 12 2013 - More information