START-UP FUNDS FOR NEW CHARTER SCHOOLS.

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.

Status: Ref to the Com on Education, if favorable, Appropriations (House Action) (Apr 17 2013)
H 291

Bill Summaries:

  • Summary date: Mar 12 2013 - More information

    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.


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