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Senate approves charter school financing plan after extended debate over safeguards and reserves
Summary
Senate Bill 152, allowing credit-enhancement for investment-grade charter school bonds and proposing a $3 million seed reserve, passed after extensive questioning over default risk, rating mechanics, and safeguards to prevent moral hazard.
Senate Bill 152, a measure to provide a state credit-enhancement (a "moral obligation") for investment-grade charter school bonds, drew extended floor debate on Feb. 14 before passing the Senate.
Senator Valentine introduced the bill as a financing tool intended to lower borrowing costs for charter schools that meet investment-grade standards. Lawmakers questioned the sponsor in detail about how the program would be administered, who would be eligible and what safeguards would protect taxpayers.
Key points from the floor exchange:
- Eligibility and sequencing: The sponsor and supporters said a charter…
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