BillTrack50 logo
Free Signup Login
Bill

Bill > HB3372

OK HB3372

OK HB3372
Charter schools; Revolving Loan Fund Program for Charter School Capital Expenditures; Statewide Charter School Board issuing low-interest loans to charter schools through a revolving fund; Charter School Loan Revolving Fund; appropriation; Charter School Bond Credit Enhancement Program; allowing charter schools to issue bonds; Charter School Bond Credit Enhancement Fund; interest allocation; default; special obligations; effective date.

summary

Introduced
02/02/2026
In Committee
02/06/2026
Crossed Over
Passed
Dead

Introduced Session

2026 Regular Session

Bill Summary

An Act relating to charter schools; amending 62 O.S. 2021, Section 203, which relates to the apportionment of monies to the General Revenue Fund; providing exception to requirement for investment monies to return to the General Revenue Fund; amending 70 O.S. 2021, Section 3-142, as last amended by Section 2, Chapter 294, O.S.L. 2025 (70 O.S. Supp. 2025, Section 3-142), which relates to charter school funding; removing reference to prohibition on issuing bonds; clarifying repayment obligations for the state in certain circumstances; stating legislative findings; creating the Revolving Loan Fund Program for Charter School Capital Expenditures; describing Revolving Loan Fund Program management; providing Revolving Loan Fund Program purpose; allowing the Statewide Charter School Board to set interest rates on loans to charter schools; stating loan recipients; restricting loan usage for specific purposes; providing loan eligibility; creating the Charter School Loan Revolving Fund; providing fund purposes and limitations; allowing appropriations; providing procedure for approval and payment of funds; allowing the promulgation of rules; creating the Charter School Bond Credit Enhancement Program; prescribing program eligibility; outlining program approval process; requiring minimum deposit into a debt reserve account to participate in the fund; providing permitted reserve account uses; requiring certain payment directive; creating the Charter School Bond Credit Enhancement Fund; providing fund purposes and limitations; allowing appropriations; requiring interest earned to be returned to the fund; mandating participants pay a one-time fee; making appropriation; outlining procedures for default; providing procedure for repayment of certain monies; clarifying certain bonds are special obligations payable from charter school funds or state appropriations; providing program monetary cap; providing for codification; and providing an effective date.

AI Summary

This bill establishes programs to help charter schools finance capital expenditures, which are costs associated with building or improving school facilities. It creates a Revolving Loan Fund Program for Charter School Capital Expenditures, managed by the Statewide Charter School Board, which will offer low-interest loans and loan guarantees to eligible charter schools for purchasing land, constructing new facilities, renovating existing ones, and making capital improvements. The bill also introduces a Charter School Bond Credit Enhancement Program, allowing qualifying charter schools to issue bonds for facility expenditures with enhanced creditworthiness, supported by a dedicated fund and requiring participants to maintain a reserve account and direct state payments to bond trustees. Importantly, this bill removes a previous prohibition on charter schools issuing bonds and clarifies that while the state is generally not responsible for charter school debt, there are specific provisions for state assistance through these new programs in cases of default or to enhance bond offerings, with a monetary cap on the bond program.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

House A&B Education Subcommittee Hearing (09:30:00 2/9/2026 Room 450) (on 02/09/2026)

bill text

bill summary

Loading...

bill summary

Loading...
Loading...