(a) The commissioner of education is authorized to establish a public charter schools facilities program for the purpose of assisting public charter schools in acquiring and improving property to educate students, including the purchase of property, general capital improvements to existing and available buildings, assistance with any costs associated with the purchase or lease of underutilized or vacant property available pursuant to § 49-13-136, and assistance with the repayment of debt incurred for existing capital outlay projects.

Terms Used In Tennessee Code 49-13-144

  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Property: includes both personal and real property. See Tennessee Code 1-3-105
  • Public charter school: means a public school in this state that is established and operating under the terms of a charter agreement and in accordance with this chapter. See Tennessee Code 49-13-104
  • State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • Underutilized or vacant property: means an entire property or portion thereof, with or without improvements, which is not used or is used irregularly or intermittently by the LEA for instructional or program purposes. See Tennessee Code 49-13-104
(b) The commissioner may award grants and loans through the charter schools facilities program to public charter school governing bodies or charter management organizations for qualifying capital projects as determined through policies developed by the department of education. Such policies shall ensure funds are made available on an equitable basis for the benefit of public charter schools of all sizes, characteristics, geographic locations, and authorizers.
(c) Subject to appropriations, a public charter schools facilities fund shall be established as a separate account in the state treasury for the purposes of funding approved projects through the public charter schools facilities program. Costs for administering the public charter schools facilities program may be funded from the public charter schools facilities program fund. Amounts remaining in the fund at the end of each fiscal year shall not revert to the general fund. Moneys in the public charter schools facilities program fund shall be invested by the state treasurer pursuant to title 9, chapter 4, part 6 for the sole benefit of the fund.
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