The State Board of Education took a step further this week in its support of charter schools, as it established guidelines for a bond program expected to save charters millions of dollars.
The board wrestled with policies for its Bond Guarantee Program for Charter Schools, which was created earlier this year under House Bill 885. Under that law, charter schools, if approved, will have certain bonds guaranteed by the state and its Permanent School Fund, a $28 billion endowment for public schools.
Bonds help charters build and improve their facilities, which many say is one of their biggest challenges to date. Lawmakers gave charter schools limited access to a bond program in 2011. The new law expands that access, by guaranteeing refinanced bonds and allowing certain bond money to be returned to charter schools for instructional purposes.