Today the charter school movement achieved an important win: the State Board of Education voted to give qualifying charter schools earlier access to the recent increase for Permanent School Fund bond guarantee program. The new effective date is February 1, 2016 as opposed to the previous effective date of September 1, 2016. This vote is significant because it will literally save certain charter schools millions of dollars, directing more money to the classrooms.
Participation in the PSF Program allows charter schools to receive lower interest rates on their bonds. This program is smart and saves public funds. When qualifying charter schools are able to access the PSF Program they realize millions of dollars in savings in renovation and new construction financing. That savings translates into millions of dollars heading into the classrooms instead of high interest loan payments. This is a win for charter schools and a win for taxpayers!
Please reach out to your SBOE member, thank them for their vote today, and invite them out to your school. Give them an opportunity to see first hand the amazing work you do each day with our charter school students. Let us know if you would like our support in coordinating a visit; we are always here as a resource.
If you need help locating your State Board of Education representative click here.