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House raises cap on charter school facility funding program to help new charter schools get financing
Summary
House Bill 3 31 passed after lawmakers said expanding the statutory cap on a charter-school facility program will allow additional schools to access a financing tool that has saved participating charter schools about $12 million annually.
BOISE — The House approved House Bill 3 31 to raise the statutory cap on a charter school facility financing tool that sponsors said has helped 21 charter schools reduce facility costs.
Representative (District 32) explained the program in floor remarks, saying charter schools are public schools but lack access to the bond and levy tools used by traditional districts. She said a program passed about six years ago enabled charter schools to secure better rates in the commercial market; 21 charter schools have used that program and saved nearly $12 million annually, the sponsor said.
The bill increases the statutory cap so new charter schools coming online can access the program. The sponsor said it does not cost taxpayers because the program enables charter schools to get better commercial rates and thereby save operational funds for classroom use.
The House clerk recorded 68 ayes and 2 absent or excused; the clerk declared House Bill 3 31 passed and ordered transmittal to the Senate.
Why it matters: Supporters say raising the cap expands access to a financing tool that has produced documented savings for participating charter schools and allows more charters to manage facility costs without increasing taxpayer burden.
