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History
- Referred to corporations, authorities and commissions
- Referred to corporations, authorities and commissions
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the public authorities law and the state finance law, in relation to establishing a loan guarantee program for schools authorized under article 56 of the education law
Purpose
To establish a capital loan guarantee program for public charter schools.
Summary of provisions
Adds section 1689-j to the public authorities law to establish a loan guarantee program for the state's public charter schools.
Justification
New York State's public charter schools currently educate nearly 11,000 children in nine different cities, and virtually every school has a waiting list of children wanting to enroll. Nationally, there are more than 2,700 charter schools servicing more than 575,000 public school children, Charter schools have become a component of the public education system and a certain number of those schools are authorized by law.
However, one of the greatest impediments to the creation of charter schools in New York is inaccessibility to capital financing. Because the state has a vested interest in ensuring the success of public charter schools, and in ensuring that adequate physical space is provided for the state's public school children, New York must establish a system that opens the doors to adequate sources of capital. This bill does exactly that, offering state-underwritten guarantees to private lenders for charter school capital financing projects.
Legislative history
2007-2008:S.5461 - Referred to Corporations, Authorities and Commissions
Fiscal implications
There are no expected fiscal implications to the state. It is anticipated that, given the intense oversight provided by the state of its public charter schools, that no charter school will default on any privately financed capital loan.
Effective date
The bill is effective immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.