§ 16-77.1-4 - State funds for charter public schools start up costs. - Rhode Island Statutes

SECTION 16-77.1-4

   § 16-77.1-4  State funds for charter publicschools 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 costsfor charter public schools to be provided from an appropriation of state fundsdesignated by the legislature for this purpose. The loans shall not exceed onehundred and fifty thousand dollars ($150,000) for a single charter publicschool and this loan of state funds shall be repaid in equal monthlyinstallments over no more than five (5) years. The state funds shall bedistributed to charter public schools by the department of elementary andsecondary education through a process which requires each charter public schoolseeking the funds to submit a loan application to the department of elementaryand secondary education.