15-188. Charter schools stimulus fund
A. The charter schools stimulus fund is established for the purpose of providing
financial support to charter school applicants and charter schools for start-up costs and
costs associated with renovating or remodeling existing buildings and structures. The
fund consists of monies appropriated by the legislature and grants, gifts, devises and
donations from any public or private source. The department of education shall
administer the fund.
B. The state board of education shall adopt rules to implement the provisions of
this section, including application and notification requirements. If sufficient monies
are appropriated for this purpose, monies from the charter schools stimulus fund shall be
distributed to qualifying charter school applicants and charter schools in the following
manner:
1. Each qualifying charter school applicant or charter school shall be awarded an
initial grant of up to one hundred thousand dollars during or before the first year of
the charter school's operation. If an applicant for a charter school receives an initial
grant pursuant to this paragraph and fails to begin operating a charter school within the
next eighteen months, the applicant shall reimburse the department of education for the
amount of the initial grant plus interest calculated at a rate of ten per cent a year.
2. Applicants for charter schools and charter schools that received initial grants
pursuant to paragraph 1 may apply to the department of education for an additional grant
of up to one hundred thousand dollars. If an applicant for a charter school receives an
additional grant pursuant to this paragraph and fails to begin operating a charter school
within the next eighteen months, the applicant shall reimburse the department of
education for the amount of the additional grant plus interest calculated at a rate of
ten per cent a year. A reimbursement required by this paragraph is in addition to any
reimbursement required by paragraph 1.
C. Monies in the charter schools stimulus fund are exempt from the provisions of
section 35-190 relating to lapsing of appropriations.
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