The Authority will evaluate and determine Program awards based on the following:
(a) The Applicant meets all Applicant Eligibility Criteria under Section 10194.
(b) The Applicant demonstrates to the Authority all of the following:
(1) Agreement to use the intercept method to repay the associated financed debt, pursuant to Education Code section 17199.4(a)(4);
(2) Ability to demonstrate to the Authority that Program funds are leveraged at a minimum of an 8:1 project-to-award ratio. For purposes of the leverage calculation, the project funds may include, but not be limited to, loans and capital and equity contributions; and
(3) Ability to secure private placement of its debt with an investor(s), secure an investment grade credit rating from a national credit rating agency in conjunction with a public sale, or other evidence, satisfactory to the Authority, that the transaction will be completed.
(c) In addition, the Authority may evaluate the following criteria as it relates to the Applicant:
(1) At least fifty-percent (50%) of the Charter School's pupils are eligible for free and/or reduced meals as reported by the California Department of Education for the most current year.
(2) Student performance data for the last three academic years under the API, if available;
(3) A commitment of substantial equity toward the project being financed; and/or
(4) An award of additional tax-advantaged financing instruments.
(d) Grants under the Program shall be available and awarded on a rolling first-come, first-served basis to the extent that funding and appropriations are available, and the requirements of the Program are satisfied. The Application review process will remain open only to the extent of available funding and appropriations.
Note: Authority cited: Sections 17179 and 17180, Education Code. Reference: Section 17180, Education Code.
1. New section filed 4-19-2012; operative 5-19-2012 (Register 2012, No. 16).
2. Amendment filed 5-16-2013; operative 5-16-2013 pursuant to Government Code section 11343.4(b)(3) (Register 2013, No. 20).
This database is current through 9/15/23 Register 2023, No. 37.
Cal. Admin. Code tit. 4, § 10196, 4 CA ADC § 10196