Florida 2023 Regular Session

Florida House Bill H0913 Compare Versions

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

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3	3	HB 913 2023
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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 loans provided 11
25	25	by the third-party administrator are at the discretion 12
26	26	of the third-party administrator; providing the 13
27	27	purpose of the loans; requiring all lo an documents to 14
28	28	include specified language and be expressly agreed to 15
29	29	by the third-party administrator and loan recipients; 16
30	30	requiring the third-party administrator to 17
31	31	electronically provide copies of certain loan 18
32	32	documents to the department; requiring the department 19
33	33	to post specified information on its website; 20
34	34	requiring all repayments of principal and interest to 21
35	35	be returned to the loan fund and made available for 22
36	36	loans to other applicants; authorizing interest paid 23
37	37	on loans to be used to defray the costs of program 24
38	38	administration; providing an appropriation; providing 25
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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	an effective date. 26
52	52	27
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 Legislature , 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 experience administering a loan fund rated "A" or 45
71	71	higher from a major credit ra ting agency. 46
72	72	(b) Have the infrastructure and expertise necessary to 47
73	73	underwrite, source, and close charter school loans. 48
74	74	(c) Be able to leverage funds appropriated by the 49
75	75	Legislature to produce an increase in capital of 900 percent to 50
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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	support the loan fund. 51
89	89	(4) Loans made through the Charter School Revolving Loan 52
90	90	Program do not imply the full faith and credit of the state and 53
91	91	do not imply any consideration of credit worthiness, project 54
92	92	viability, construction quality, ability to repay, or any other 55
93	93	guarantee by the state. 56
94	94	(5) Loans provided by the third -party administrator under 57
95	95	this program are at the discretion of the third -party 58
96	96	administrator. The third -party administrator shall provide loans 59
97	97	to enhance access to high -quality charter schools. 60
98	98	(6) The information in subsection (4) must be included on 61
99	99	all loan documents and expressly agreed to by the third -party 62
100	100	administrator and any recipients of loans made under this 63
101	101	program. All such loan documents must be electronically provided 64
102	102	to the department. 65
103	103	(7) The department shall post on its website the projects 66
104	104	that have received loans, the geographic distribution of the 67
105	105	projects, the status of the projects, the costs of the program, 68
106	106	and student outcomes for students enrolled in the charter 69
107	107	schools receiving funds. 70
108	108	(8) All repayments of principal and interest must be 71
109	109	returned to the loan fund and made available for loans to other 72
110	110	applicants. 73
111	111	(9) Interest on loans provided under the program may be 74
112	112	used to defray the costs of administration. 75
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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	Section 2. For the 2023-2024 fiscal year, the sum of $20 76
126	126	million in nonrecurring funds is appropriated from the General 77
127	127	Revenue Fund to the Department of Education to create the 78
128	128	Charter School Revolving Loan Program established by this act. 79
129	129	Section 3. This act shall take effect July 1, 2023. 80