1 Colo. Code Regs. § 302-3.00
Current through Register Vol. 48, No. 1, January 10, 2025
Section 1 CCR 302-3.00 - Establishment of Loan Grant Program and Application Requirements3.01Types of Assistance. Beginning July 1, 2009, Institute Charter Schools will be eligible for consideration and awarding of a Grant or Loan under this Program. Institute Charter Schools seeking a Grant or Loan shall submit to the Institute an application in accordance with the timelines and procedures set forth below. Institute Charter Schools may apply for any of four different types of Grants or Loans, as set forth below. 3.01.1Matching Moneys for the BEST Program.An Institute Charter School seeking a Grant or Loan to use matching moneys to obtain financial assistance for capital construction through the BEST Program must file an application with the Institute detailing, at a minimum:
(i) Evidence that the Institute Charter School meets the definition of a "Charter School" in § 22-43.7-103(7), C.R.S.(i) A copy of the application that the Institute Charter School has submitted or is preparing to submit to the BEST Program Board pursuant to § 22-43.7-109, C.R.S.(ii) An estimate of the amount of matching moneys as defined in § 22-43.7-103(11), C.R.S. that the BEST Program Board will require, if known;and(iii) Information concerning any other sources of funding available to the Institute Charter School.3.01.2Financing Repayment of Moneys under CECFA or Other LoanAn Institute Charter School seeking a Grant or Loan to use in repaying bonds or notes issued on behalf of the Institute Charter School by CECFA must file an application with the Institute detailing, at a minimum:
(i) Copies of the documents that the Institute Charter School has submitted or will submit to CECFA or other lender to request issuance of the bonds or notes.(ii) The amount of bonds or notes issued or to be issued and the total amount the Institute Charter School is required to repay.(iii) Information concerning any other sources of funding available to the Institute Charter School.3.01.3Other Capital Construction Costs.An Institute Charter School seeking a Grant or Loan to assist in meeting other capital construction costs must file an application with the Institute detailing, at a minimum:
(i) A description of the Institute Charter School's capital construction needs.(ii) A description of the capital construction project the Institute Charter School has undertaken or will undertake to meet its needs including the estimated costs to complete the project.(iii) Information concerning any other sources of funding available to the Institute Charter School.3.01.4Emergency Grants.An Institute Charter School seeking a Grant or Loan to address a reasonable funding emergency must file an application with the Institute detailing, at a minimum:
(i) A description of the Institute Charter School's emergency and how it qualifies as a reasonable funding emergency under these rules and policies adopted by the Institute Board; If applicable, a description of the special education services required by the individualized education progam for the student at issue;
(ii) A description of when the funding is needed.3.02Criteria for Awarding Loans or GrantsThe Institute staff shall review each application received pursuant to Section 3.01 above and shall recommend to the Board those Institute Charter Schools that should receive moneys pursuant to this Program, including whether the moneys should be awarded in the form of Grants or Loans, and the amounts of the Grants or Loans. In making its recommendations, the Institute staff shall apply the criteria listed below:
(a) Levels of economic need.(b) The viability of the capital construction project or seriousness of the funding emergency.(c) The merit of the capital construction project or the specific circumstances of the funding emergency.(d) Funding priorities for Loans or Grants are at the discretion of the Board.3.03Limitations and Conditions Regarding Awards of Loans or Grants.(a) The institute board may adopt a formula to annually adjust the percentage limit on the assistance fund balance specified in paragraph (a) of Subsection (4) of CRS 22-30.5-506, as well as the total amount limit on the assistance fund balance specified in paragraph (c) of subsection 1 of CRS 22-30.5-515.5, by multiplying the total pupil enrollment for institute charter schools in the preceding budget year by a per-pupil dollar amount set annually by the institute board in collaboration with a council of Institute charter schools.(b) The Institute will generally not make more than one Loan and/or Grant to any one Institute Charter School at any time. No loan term will be longer than the building lease or length of the financing, subject to annual appropriations. No Institute Charter School will be allocated more than 20 percent of the Fund balance, as calculated at the beginning of the fiscal year, whether through Grants or Loans or a combination thereof.(c) The assistance fund will maintain such maximum balances as are required by statutory law or policy of the CSI Board of Directors, as determined in association with the Institute Council of Schools. The Institute will strive to ensure a reasonable minimum fund balance after the award cycle to ensure sufficient funds for other emergencies before the end of any given fiscal year.