Bill > SB1017

This bill establishes two new programs within the West Virginia Economic Development Authority (Authority) to support public charter schools: the Charter School Direct Loan Program and the Charter School Credit Enhancement Program. The Direct Loan Program aims to provide financing for charter school construction, renovation, and startup or expansion costs, with loans generally capped at $2 million per school and having terms of up to five years, or seven years for certain New Markets Tax Credit transactions. The Credit Enhancement Program is designed to help qualifying charter schools secure better financing terms by providing a mechanism to replenish their debt service reserve funds, which are funds set aside to cover principal and interest payments on bonds if the school cannot. The Authority will set standards for charter schools to qualify for these programs, and while these programs involve bonds that are not general obligations of the state, the Legislature may appropriate funds to restore debt service reserve funds if needed, which the charter schools would then be required to repay.

Budget and Finance, Education

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=1017&year=2026&sessiontype=RS&btype=bill