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