California Education Code

§ 41365

EDC § 41365 Effective Jan 1, 2026Div. 3 · Title 2 · Part 24 · Ch. 3 · Art. 4

Statute text

(a)The Charter School Revolving Loan Fund is hereby created in the State Treasury. The Charter School Revolving Loan Fund shall be composed of federal funds obtained by the state for charter schools and any other funds appropriated or transferred to the fund through the annual budget process. Funds appropriated to the Charter School Revolving Loan Fund shall remain available for purposes of the fund until reappropriated or reverted by the Legislature through the annual Budget Act or any other act.

(b)Commencing with the 2013–14 fiscal year, the administration of the Charter School Revolving Loan Fund shall be transferred to the California School Finance Authority.

(c)Upon application and approval by the California School Finance Authority, loans may be made from moneys in the Charter School Revolving Loan Fund to a chartering authority for one or more charter schools, none of which are a conversion of an existing school, or directly to a charter school that qualifies to receive funding pursuant to Chapter 6 (commencing with Section 47630) of Part 26.8 of Division 4 that is not a conversion of an existing school. Money loaned to a chartering authority for a charter school, or directly to a charter school, pursuant to this section shall be used only to meet the purposes of the charter granted pursuant to Section 47605. The loan to a chartering authority for a charter school, or directly to a charter school, pursuant to this subdivision shall not exceed five hundred thousand dollars ($500,000) over the lifetime of the charter school receiving the benefit of the loan. A charter school may receive money obtained from multiple loans made directly to the charter school or to the charter school’s chartering authority from the Charter School Revolving Loan Fund, as long as the total amount received from the fund over the lifetime of the charter school does not exceed five hundred thousand dollars ($500,000).

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Legislative history

Amended by Stats. 2025, Ch. 776, Sec. 1. (SB 631) Effective January 1, 2026.