LAC 4:XXV.103. Restricted Use of Funds

A. The monies within the fund shall only be used for the purpose of paying the expenses of fund administration, including but not limited to costs incurred by the fund administrator, fund manager, and for making loans to borrowers for eligible costs associated with establishing or expanding operations and facilities of eligible charter schools. B. No money lent as provided in this Section may be used to pay prior debts of the nonprofit corporation which formed the eligible charter school, any of the natural persons principally involved in forming the eligible charter school, or any former or current business or nonprofit venture of any such natural persons for any purchase not related to the creation of the eligible charter school or predevelopment and development costs of the eligible charter school facility, or to pay to members of the immediate family of any such natural persons, or to make any investments. Such administrative costs and expenses shall include, but not be limited to, all costs and expenses incurred by the fund administrator and fund manager.