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Charter Schools Facilities Financing Demonstration

Published on AidPage by IDILOGIC on Jun 24, 2005

Possible uses and use restrictions...

Grant recipients shall, in accordance with state and local law, directly or indirectly, alone or in collaboration with others, deposit the funds received under this program (other than funds used for administrative costs) in a reserve account established and maintained by the entity for this purpose. Amounts deposited in such an account shall be used by the entity to help charter schools access private sector capital for acquiring, renovating, or constructing facilities. Reserve accounts must be used for one or more of the following purposes: Guaranteeing, insuring, and reinsuring bonds, notes, evidences of debt, loans, and interests therein. Guaranteeing and insuring leases of personal and real property. Facilitating financing by identifying potential lending sources and encouraging private lending and other similar activities that directly promote lending to, or are conducted for the benefit of, charter schools. Facilitating the issuance of bonds by charter schools or by public entities for the benefit of charter schools. This may be accomplished by providing technical, administrative, and other appropriate assistance. Other appropriate assistance includes the recruitment of bond counsel, underwriters, and potential investors and the consolidation of multiple charter school projects within a single bond issue.