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6-23-902. Funding source — Procedures.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-23-902. Funding source — Procedures.
(a) The Open-Enrollment Public Charter School Facilities Loan Fund shall be administered and operated by the Division of Public School Academic Facilities and Transportation for the sole purpose of facility assistance for eligible open-enrollment public charter schools.
(b) The fund may be funded by:
(1) General revenues received by the division for the purpose of starting, augmenting, or replenishing the fund;
(2) Grants received by the division for the express purpose of providing open-enrollment public charter school facilities assistance, including grants from the United States Department of Education; and
(3) Donations or bequests from organizations or individuals received by the division that are designated for the fund.
(c) The division shall:
(1) Use rules and forms adopted by the Commission for Arkansas Public School Academic Facilities and Transportation for the administration and operation of the loan program, including without limitation a loan application form that addresses:
(A) A specific description of the project or facility for which funding is needed;
(B) A description of the project or facility for which funding is needed, including the physical location of the project or facility;
(C) The anticipated cost of acquisition, construction, lease, operation, addition, improvement, or repair of the open-enrollment public charter school facility;
(D) An explanation for the open-enrollment public charter school's inability to provide sufficient funding for the project or facility through other resources;
(E) A description of the funds that the open-enrollment public charter school intends to use to collateralize and pledge to secure the loan;
(F) A repayment period of not to exceed ten (10) yea
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-23-902
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:6-23-902
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7ef333685fc368a10d59cacd5c4f8cc881dc9ce21ea559aa16de210475fb1dfc
Source location: content.xml paragraph 26911
Stored source content
6-23-902. Funding source — Procedures.
(a) The Open-Enrollment Public Charter School Facilities Loan Fund shall be administered and operated by the Division of Public School Academic Facilities and Transportation for the sole purpose of facility assistance for eligible open-enrollment public charter schools.
(b) The fund may be funded by:
(1) General revenues received by the division for the purpose of starting, augmenting, or replenishing the fund;
(2) Grants received by the division for the express purpose of providing open-enrollment public charter school facilities assistance, including grants from the United States Department of Education; and
(3) Donations or bequests from organizations or individuals received by the division that are designated for the fund.
(c) The division shall:
(1) Use rules and forms adopted by the Commission for Arkansas Public School Academic Facilities and Transportation for the administration and operation of the loan program, including without limitation a loan application form that addresses:
(A) A specific description of the project or facility for which funding is needed;
(B) A description of the project or facility for which funding is needed, including the physical location of the project or facility;
(C) The anticipated cost of acquisition, construction, lease, operation, addition, improvement, or repair of the open-enrollment public charter school facility;
(D) An explanation for the open-enrollment public charter school's inability to provide sufficient funding for the project or facility through other resources;
(E) A description of the funds that the open-enrollment public charter school intends to use to collateralize and pledge to secure the loan;
(F) A repayment period of not to exceed ten (10) years from the date the loan is approved;
(G) A resolution from the open-enrollment public charter school's governing board stating the necessity of the requested assistance; and
(H) The repayment terms and conditions of the loan with the repayment interest rate not to exceed one percent (1%) of the interest rate earned by money in the fund; and
(2) Develop a prioritization system to fund projects and facilities if sufficient funding is not available to fully fund all eligible requests.
(d) The division shall dedicate sufficient personnel and resources to administer the loan program in a timely and responsive manner.
(e) All earnings received on the investment of assets held in the fund shall be used in the following order of priority for the following purposes:
(1) To pay the operating expenses of the fund administered by the division; and
(2) To fund loans under § 6-23-703 or as permitted by law.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-23-703. State Board of Education optional review.
(a) On a motion approved by a majority vote, the State Board of Education may exercise a right of review of a charter determination made by the Division of Elementary and Secondary Education at the next regularly scheduled state board meeting after receiving notice provided under § 6-23-702(b).
(b) If the state board votes to review a final decision made by the division, the state board shall:
(1) State the specific additional information the state board requires from the division, public charter school, public charter school applicant, or affected school district;
(2) Conduct a full hearing regarding a final decision by the division under § 6-23-701(a); and
(3) Hold the hearing at the earlier of:
(A) The next regularly scheduled state board meeting following the state board meeting during which the state board voted to authorize a review; or
(B) A special board meeting called by the state board.
(c)(1) At the conclusion of the hearing, the state board may issue a final decision by state board vote.
(2) The state board may decide by majority vote of the quorum to:
(A) Affirm the decision of the division;
(B) Take other lawful action on the public charter; or
(C)(i) Request additional information from the division, public charter school, public charter school applicant, or affected school district, if needed.
(ii) If the state board requests additional information under subdivision (c)(2)(C)(i) of this section, the state board shall hold a subsequent hearing at the earlier of:
(a) The next regularly scheduled state board meeting; or
(b) A special board meeting called by the state board.
(3) A decision made by the state board is final with no right of appeal.
(d) The state board may prom
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-23-703
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-23-703. This identifies an authority to review, not proof of applicability.