LAC 4:XXV.101. Definitions

A. For the purpose of this Chapter, the following shall mean: Annual Report—submitted to the Louisiana legislature by the division of administration describing fund activities of the prior fiscal year. Applicant—eligible charter school, or an affiliated supporting organization of an eligible charter school as defined in Section 509(a)(3) of the Internal Revenue Code, or an eligible charter school’s wholly owned, nonprofit corporation real estate entity applying for a loan for the benefit of an eligible charter school who is not already a loan recipient as defined in this chapter. Application—completed Louisiana Charter School Start-Up and Expansion Loan Fund application incorporated herein by reference, as defined and developed by the fund administrator, and all other documents required to be submitted to the administrator. Eligible Charter School—existing or new Louisiana public charter school authorized by either a local school board or the State Board of Elementary and Secondary Education pursuant to R.S. 17:3971 et seq. Eligible Costs—predevelopment and development costs, including, but not limited to, property or site acquisition, feasibility and site studies, design and engineering fees, legal costs, permitting, review, and inspection fees, surveys, utility assessments, financing costs, costs of construction, labor and materials, construction administration, financing, equipment, demolition, infrastructure, required off-site improvements, and other related project costs as determined by the division of administration. Fund—the Louisiana Charter School Start-Up and Expansion Loan Fund established in R.S. 17:4001. Fund Administrative Costs—the actual costs and expenses associated with the Division of Administration. Fund Administrator—The Division of Administration pursuant to R.S. 17:4001. Fund Manager—organization that may be selected by the fund administrator to manage activities of the fund as may be described by a cooperative endeavor agreement between the two parties. Loan—maximum principal amount authorized to the borrower from the fund through a loan agreement with the division of administration. Loan Agreement—the executed evidence of indebtedness of the Applicant to repay the loan from the fund. Loan Recipient—applicant for which the fund administrator has approved an application for a loan and who receives a loan from the fund. Project—the use of funds as described in the applicant’s application that meets the criteria for a secured or unsecured loan: a. For an unsecured loan, a project shall be limited to a request to pay for an eligible charter school’s start-up and early operating expenses including consumable instruction materials. b. For a secured loan, a project may be defined by the acquisition of tangible items such as technology, or equipment, or as a construction project including but not limited to: i. land or property acquisition; ii. facility renovation or material expansion or addition; iii. material capital repairs, system and life-safety upgrades; iv. facility abatement; and v. construction of a new facility. Supplemental Reporting Schedule—submitted by borrower and developed by the legislative auditor in accordance with R.S. 24:514(I)(2).