Section 10200.19 - Award Allocation and Eligible Use of Program Funds(a) Program funds shall be applied towards funding the primary debt service reserve requirement for debt associated with the renovation and/or construction of charter school facilities. The Authority may make awards of up to maximum annual debt service per Financing, with an award dollar limit of $2,000,000.(b) The grant award shall be held in trust by the Authority, or an Authority approved financial institution solely for authorized purposes and shall not be released to Awardees without the Authority's or trustee's approval. As deemed appropriate by the Authority, conditions for release of the Program funds throughout the term of the financing will be determined by the Authority, in collaboration with all lending parties, prior to closing of the financing.(c) Awards of Program funds shall be released and returned to the Authority when the funds are no longer needed for the authorized purposes.(d) Awards of a Program funds will expire if the Awardee does not use the awarded funds by closing the financing within six months of Authority approval. Additional time may be granted by the Authority on a case-by-case basis.(e) Every applicant shall be required to pay an application filing fee of $1,000. This fee shall be paid to the Authority and shall be submitted with the application. This fee is not refundable.Cal. Code Regs. Tit. 4, § 10200.19
Note: Authority cited: Sections 17179 and 17180, Education Code. Reference: Section 17180, Education Code.
1. New section filed 10-12-2023; operative 10/12/2023 pursuant to Government Code section 11343.4(b)(3) (Register 2023, No. 41).