1 Colo. Code Regs. § 302-3-4.00
Current through Register Vol. 48, No. 1, January 10, 2025
Section 1 CCR 302-3-4.00 - Procedures and Process for Reviewing and Approving Applications4.01Submission Deadline.Applications for non-emergency Loans or Grants will be accepted during February of each year.. Every attempt will be made to present recommendations regarding applications to the Board no later than forty five (45) days following a completed application.
Emergency applications may be submitted at any time and will be acted upon by the Board within 30 days following receipt provided the application is complete.
4.02Approval Process and Timeline. The applications received by the Institute staff will be reviewed for completeness and establishment of priority. Once complete, applications will be reviewed and either approved or denied by the Board, every attempt will be made to present recommendations regarding applications to the Board no later than forty five (45) days following a completed application, subject however to the limitations set forth below. (a) Grants and Loans will be awarded on an annual basis.(b) The Board shall consider the Institute staff's recommendations, and shall award Grants and Loans to assist Institute Charter Schools based on the criteria established in Section 3.02 and the level of economic need demonstrated by the applicant and the viability and merit of the capital construction project proposed in the application or, for special education services funding emergencies, the seriousness of the special education services required by the Individualized Education Program for the student at issue..(c) Loans shall be interest free, and shall be subject to other terms and repayment schedules approved by the Board.(d) The Board shall not pay a Grant or a Loan awarded for use as matching moneys to obtain financial assistance for the BEST Program until the recipient Institute Charter School provides proof that the BEST Board has selected it to receive financial assistance, or alternatively such award by the Board may be contingent upon, and shall not be disbursed until receipt of the same.(e) The Board shall not pay a Grant or a Loan awarded for use as matching moneys to obtain financial assistance for a CECFA bond or other Loan until the recipient Institute Charter School provides proof that CECFA or another lender has finally approved issuance of the bonds or notes on the Institute Charter School's behalf.(f) Awards of Grants and Loans under this Program shall be at the sole discretion of the Board. Nothing in these rules shall be interpreted as creating an entitlement in an Institute Charter School for receipt of a Grant or a Loan from the fund.