§ 70-3-144. Charter Schools Incentive Fund.

A.  There is hereby created in the State Treasury a fund to be designated the “Charter Schools Incentive Fund”.  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies appropriated by the Legislature, gifts, grants, devises and donations from any public or private source.  The State Department of Education shall administer the fund 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 for use by a charter school.  The State Department of Education is authorized to allocate funds on a per-pupil basis for purposes of providing matching funds for the federal State Charter School Facilities Incentive Grants Program created pursuant to the No Child Left Behind Act, 20 USCA, Section 7221d.

B.  The State Board of Education shall adopt rules to implement the provisions of this section, including application and notification requirements.

Added by Laws 1999, c. 351, § 16, emerg. eff. June 8, 1999.  Amended by Laws 2004, c. 472, § 3, emerg. eff. June 7, 2004.