HB 913 2023
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hb0913-00
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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 loans provided 11
by the third-party administrator are at the discretion 12
of the third-party administrator; providing the 13
purpose of the loans; requiring all lo an documents to 14
include specified language and be expressly agreed to 15
by the third-party administrator and loan recipients; 16
requiring the third-party administrator to 17
electronically provide copies of certain loan 18
documents to the department; requiring the department 19
to post specified information on its website; 20
requiring all repayments of principal and interest to 21
be returned to the loan fund and made available for 22
loans to other applicants; authorizing interest paid 23
on loans to be used to defray the costs of program 24
administration; providing an appropriation; providing 25
HB 913 2023
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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
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 Legislature , 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 experience administering a loan fund rated "A" or 45
higher from a major credit ra ting agency. 46
(b) Have the infrastructure and expertise necessary to 47
underwrite, source, and close charter school loans. 48
(c) Be able to leverage funds appropriated by the 49
Legislature to produce an increase in capital of 900 percent to 50
HB 913 2023
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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
support the loan fund. 51
(4) Loans made through the Charter School Revolving Loan 52
Program do not imply the full faith and credit of the state and 53
do not imply any consideration of credit worthiness, project 54
viability, construction quality, ability to repay, or any other 55
guarantee by the state. 56
(5) Loans provided by the third -party administrator under 57
this program are at the discretion of the third -party 58
administrator. The third -party administrator shall provide loans 59
to enhance access to high -quality charter schools. 60
(6) The information in subsection (4) must be included on 61
all loan documents and expressly agreed to by the third -party 62
administrator and any recipients of loans made under this 63
program. All such loan documents must be electronically provided 64
to the department. 65
(7) The department shall post on its website the projects 66
that have received loans, the geographic distribution of the 67
projects, the status of the projects, the costs of the program, 68
and student outcomes for students enrolled in the charter 69
schools receiving funds. 70
(8) All repayments of principal and interest must be 71
returned to the loan fund and made available for loans to other 72
applicants. 73
(9) Interest on loans provided under the program may be 74
used to defray the costs of administration. 75
HB 913 2023
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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
Section 2. For the 2023-2024 fiscal year, the sum of $20 76
million in nonrecurring funds is appropriated from the General 77
Revenue Fund to the Department of Education to create the 78
Charter School Revolving Loan Program established by this act. 79
Section 3. This act shall take effect July 1, 2023. 80