88S30098 BDP-F
By: Gervin-Hawkins H.B. No. 43
A BILL TO BE ENTITLED
AN ACT
relating to a financial assistance program for open-enrollment
charter school facilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter D, Chapter 12, Education Code, is
amended by adding Section 12.1063 to read as follows:
Sec. 12.1063. FINANCIAL ASSISTANCE FOR FACILITIES. (a)
Using funds appropriated or otherwise available for the purpose,
the commissioner shall develop and implement a program under which
the state provides financial assistance to a charter holder seeking
to construct or acquire adequate facilities for student
instruction.
(b) The program may include:
(1) the provision of forgivable loans, including loans
for a period of not more than 25 years structured so that each year
that the charter holder successfully operates the open-enrollment
charter school, the charter holder is released from the obligation
to pay that year's portion of the loan;
(2) a loan guarantee process for a charter holder that
has successfully operated an open-enrollment charter school for at
least five years; and
(3) the provision of assistance to charter holders in
obtaining loans for facilities directly from private lenders.
(c) The commissioner shall adopt rules necessary to
implement this section.
SECTION 2. This Act takes effect on the 91st day after the
last day of the legislative session.