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Finance panel advances bill to set up charter school revolving loan authority
Summary
Senator Dixon’s SB 498 would create a Charter School Funding Facility Authority and a revolving loan fund to ease charter schools’ facility financing, capping loans at 20% of project cost (up to $2 million) and limiting terms to charter contract length (up to five years); the committee voted to advance the bill with one dissenting vote.
Senator Dixon presented Senate Bill 498 to the Finance Committee, saying it would establish a Charter School Funding Facility Authority and a revolving loan fund to give Georgia charter schools greater access to affordable capital.
"But simply what this bill does is it keeps more money in the classrooms and allow charter schools to have access to funds, to help build facilities or to remodel," Dixon said, summarizing the authority’s powers to issue loans, set terms and require security, and noting the bill caps loans at 20% of project costs up to $2,000,000 and limits terms to the length of a school’s charter, up to five years.
The bill,…
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