Florida 2022 Regular Session

Florida House Bill H1347 Compare Versions

Only one version of the bill is available at this time.

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3	3	HB 1347 2022
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7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb1347-00
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10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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14	14	A bill to be entitled 1
15	15	An act relating to charter school loans; creating s. 2
16	16	1002.336, F.S.; establishing the Charter School 3
17	17	Revolving Loan Program for a specified purpose; 4
18	18	providing that funding for the program shall consist 5
19	19	of specified funds; requiring the Department of 6
20	20	Education to contract with a third -party administrator 7
21	21	to administer the program; providing requirements for 8
22	22	such third-party administrator; providing that loans 9
23	23	made through the program do not imply the full faith 10
24	24	and credit of the state; providing that all loans 11
25	25	provided by the third -party administrator are at the 12
26	26	sole discretion of the third -party administrator; 13
27	27	providing the purpose of the loans; requiri ng all loan 14
28	28	documents to include specified language and be 15
29	29	expressly agreed to by the third -party administrator 16
30	30	and loan recipients; requiring the third -party 17
31	31	administrator to electronically provide copies of 18
32	32	certain loan documents to the department; requi ring 19
33	33	the department to post specified information on its 20
34	34	website; requiring all repayments of principal and 21
35	35	interest to be returned to the loan fund and made 22
36	36	available for loans to other applicants; authorizing 23
37	37	interest paid on loans to be used to defray t he costs 24
38	38	of program administration; providing an appropriation; 25
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40	40	HB 1347 2022
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47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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51	51	providing an effective date. 26
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53	53	Be It Enacted by the Legislature of the State of Florida: 28
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55	55	Section 1. Section 1002.336, Florida Statutes, is created 30
56	56	to read: 31
57	57	1002.336 Charter School Revolving Loan Program. — 32
58	58	(1) The Charter School Revolving Loan Program is 33
59	59	established to provide assistance to charter school operators to 34
60	60	meet school building financing needs for charter schools. The 35
61	61	program shall consist of funds appropriated by the Le gislature, 36
62	62	philanthropic contributions, money received from the repayment 37
63	63	of loans made from the program, and interest earned. 38
64	64	(2) The Department of Education shall contract with a 39
65	65	third-party administrator to administer the program. Funds shall 40
66	66	be granted to the third-party administrator to create a 41
67	67	revolving loan fund for the purpose of financing charter school 42
68	68	facilities projects. 43
69	69	(3) The third-party administrator must: 44
70	70	(a) Have earned a rating of "A" or higher from a major 45
71	71	credit rating agency; 46
72	72	(b) Have the infrastructure and expertise necessary to 47
73	73	underwrite, source, and close charter school loans; and 48
74	74	(c) Be able to leverage funds appropriated by the 49
75	75	Legislature to support the fund. 50
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77	77	HB 1347 2022
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84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88	88	(4) All loans made through the Charter School Revolving 51
89	89	Loan Program do not imply the full faith and credit of the state 52
90	90	and do not imply any consideration of credit worthiness, project 53
91	91	viability, construction quality, ability to repay, or any other 54
92	92	guarantee by the state. 55
93	93	(5) Loans provided by the third -party administrator under 56
94	94	this program are at the discretion of the third -party 57
95	95	administrator. The third -party administrator shall provide loans 58
96	96	to enhance access to high -quality charter schools. 59
97	97	(6) The language in subsection (4) must be included on all 60
98	98	loan documents and expressly agreed to by the third -party 61
99	99	administrator and any recipients of loans made under this 62
100	100	program. All such loan documents must be electronically provided 63
101	101	to the department. 64
102	102	(7) The department shall post on its website the projects 65
103	103	that have received loans, the geographic distribution of the 66
104	104	projects, the status of the projects, the costs of the program, 67
105	105	and student outcomes for students enrolled in the schools 68
106	106	receiving funds. 69
107	107	(8) All repayments of principal and interest must be 70
108	108	returned to the loan fund and made available for loans to other 71
109	109	applicants. 72
110	110	(9) Interest on loans provided under this program may be 73
111	111	used to defray the costs of administration. 74
112	112	Section 2. For the 2022-2023 fiscal year, the sum of $10 75
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118	118	CODING: Words stricken are deletions; words underlined are additions.
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121	121	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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125	125	million in nonrecurring funds is appropriated from the General 76
126	126	Revenue Fund to the Department of Education to create the 77
127	127	Charter School Revolving Loan Program established by this act. 78
128	128	Section 3. This act shall take effect July 1, 2022. 79