Amends existing law to require the superintendent of public instruction to authorize funding from the Public Charter School Revolving Loan Fund upon the approval of the Idaho Housing and Finance Association.

The Public Charter School Revolving Loan Fund was established July 1, 2023, after S1043 became law. The purposeofthelawistoprovidenewpubliccharterschoolswithazeropercentinterestloanofupto$2.5million to assist the schools with facility acquisition, construction or renovation. The Idaho Housing and Finance Association (IHFA) administers the loan. Upon implementation, it was discovered that a technical correction needed to be made to the statute. The State Treasurer needs to direct that funds from the public charter school revolving loan fund be withdrawn and distributed to the school upon certification by IHFA that school meets the loan requirements. This proposed legislation includes that correction. This amendment is needed because IHFA does not have authority to withdraw and distribute funds from the public charter school revolving loan fund.