Page:United States Statutes at Large Volume 115 Part 2.djvu/817

 PUBLIC LAW 107-110-^AN. 8, 2002 115 STAT. 1801 will receive assistance, and how much and what types of assistance charter schools will receive; "(2) a description of the involvement of charter schools in the application's development and the design of the proposed activities; "(3) a description of the eligible entity's expertise in capital market financing; "(4) a description of how the proposed activities will leverage the maximum amount of private-sector financing capital relative to the amount of government funding used and otherwise enhance credit available to charter schools; "(5) a description of how the eligible entity possesses sufficient expertise in education to evaluate the likelihood of success of a charter school program for which facilities financing is sought; "(6) in the case of an application submitted by a State governmental entity, a description of the actions that the entity has taken, or will take, to ensure that charter schools within the State receive the funding the charter schools need to have adequate facilities; and "(7) such other information as the Secretary may reasonably require. «SEC. 5224. CHARTER SCHOOL OBJECTIVES. "An eligible entity receiving a grant under this subpart shall use the funds deposited in the reserve account established under section 5225(a) to assist one or more charter schools to access private sector capital to accomplish one or both of the following objectives: "(1) The acquisition (by purchase, lease, donation, or otherwise) of an interest (including an interest held by a third party for the benefit of a charter school) in improved or unimproved real property that is necessary to commence or continue the operation of a charter school. "(2) The construction of new facilities, or the renovation, repair, or alteration of existing facilities, necessary to commence or continue the operation of a charter school. "SEC. 5225. RESERVE ACCOUNT. "(a) USE OF FUNDS.— To assist charter schools to accomplish the objectives described in section 5224, an eligible entity receiving a grant under this subpart shall, in accordance with State and local law, directly or indirectly, alone or in collaboration with others, deposit the funds received under this subpart (other than funds used for administrative costs in accordance with section 5226) in a reserve account established and maintained by the eligible entity for this purpose. Amounts deposited in such account shall be used by the eligible entity for one or more of the following purposes: "(1) Guaranteeing, insuring, and reinsuring bonds, notes, evidences of debt, loans, and interests therein, the proceeds of which are used for an objective described in section 5224. "(2) Guaranteeing and insuring leases of personal and real property for an objective described in section 5224. "(3) Facilitating financing by identifying potential lending sources, encouraging private lending, and other similar activities that directly promote lending to, or for the benefit of, charter schools. 20 USC 7223c. 20 USC 7223d.

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