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House passes charter school credit enhancement program to lower borrowing costs for qualifying charters
Summary
The House passed Senate Bill 152 to create a charter school credit enhancement program that offers revenue bonds backed by a moral obligation of the state to reduce interest rates for qualifying charter schools. Sponsors said the program will likely benefit 6–8 existing schools and could save millions in debt service.
The Utah House on March 8 passed Senate Bill 152, establishing a charter school credit enhancement program intended to lower borrowing costs for qualifying public charter schools.
Representative Derek Brown, the House sponsor, said the program creates a credit enhancement that will allow qualifying charter schools to issue revenue bonds backed by a moral obligation of the state. "This bill creates the charter school credit enhancement program," Brown said, describing strict eligibility standards including an investment-grade rating (commonly BBB- or better), several years of audited…
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