Funding of Charter Public Schools [See Title 16 Chapter 97 The
Rhode Island Board of Education Act]
§ 16-77.1-4 State funds for charter public
schools start up costs.
In the event that federal funds are either unavailable or are fully expended,
there shall be established a system of interest free loans for start up costs
for charter public schools to be provided from an appropriation of state funds
designated by the legislature for this purpose. The loans shall not exceed one
hundred and fifty thousand dollars ($150,000) for a single charter public
school and this loan of state funds shall be repaid in equal monthly
installments over no more than five (5) years. The state funds shall be
distributed to charter public schools by the department of elementary and
secondary education through a process which requires each charter public school
seeking the funds to submit a loan application to the department of elementary
and secondary education.
History of Section.
(P.L. 1999, ch. 366, § 2.)