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A BILL TO BE ENTITLED
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AN ACT
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relating to a financial assistance program for open-enrollment |
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charter school facilities. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter D, Chapter 12, Education Code, is |
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amended by adding Section 12.1063 to read as follows: |
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Sec. 12.1063. FINANCIAL ASSISTANCE FOR FACILITIES. (a) |
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Using funds appropriated or otherwise available for the purpose, |
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the commissioner shall develop and implement a program under which |
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the state provides financial assistance to a charter holder seeking |
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to construct or acquire adequate facilities for student |
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instruction. |
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(b) The program may include: |
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(1) the provision of forgivable loans, including loans |
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for a period of not more than 25 years structured so that each year |
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that the charter holder successfully operates the open-enrollment |
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charter school, the charter holder is released from the obligation |
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to pay that year's portion of the loan; |
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(2) a loan guarantee process for a charter holder that |
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has successfully operated an open-enrollment charter school for at |
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least five years; and |
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(3) the provision of assistance to charter holders in |
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obtaining loans for facilities directly from private lenders. |
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(c) The commissioner shall adopt rules necessary to |
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implement this section. |
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SECTION 2. This Act takes effect December 1, 2021. |