Page:United States Statutes at Large Volume 117.djvu/150

 PUBLIC LAW 108–7—FEB. 20, 2003

117 STAT. 131

(A) To administer the credit enhancement fund for public charter schools under section 603(e) of the Student Loan Marketing Association Reorganization Act of 1996, subject to the provisions of such section. (B) To administer the Direct Loan Fund for Charter School Improvement under subsection (b), subject to the provisions of such subsection. (C) To develop, implement and provide oversight for other public charter school financing programs and support services as requested by the Mayor and the Council of the District of Columbia. (3) The functions described in paragraph (2) may be provided by the Office directly or under contract with a qualified provider. (b)(1) There is established within the District of Columbia a Direct Loan Fund for Charter School Improvement. (2) The Direct Loan Fund for Charter School Improvement shall be administered by the Office of Charter School Financing and Support, except that no loan may be made under this subsection without the approval of the committee described in section 603(e)(3)(C)(iii) of the Student Loan Marketing Association Reorganization Act of 1996 (20 U.S.C. 1155(e)(3)(C)(iii)). (3) Funds distributed under this subsection shall be for construction, purchase, renovation, and maintenance of charter school facilities. (4) Loans distributed under this subsection shall not exceed $2,000,000 per charter school. (5) The Office of Charter School Financing and Support shall determine what interest rates and terms apply to loans granted under this subsection. In determining the rates and terms of a loan granted to a charter school, the Office of Charter School Financing and Support should do its best to provide low interest options and flexible terms. (6) To be eligible for a loan under this subsection, an applicant shall be a public charter school with a charter in effect pursuant to the District of Columbia School Reform Act of 1995 which meets or exceeds its performance goals as outlined in its originating charter. (7) In repaying a loan granted under this subsection, a debtor may use facility maintenance funds granted to them by the District of Columbia Public Schools. (c) Section 603(e)(3) of the Student Loan Marketing Association Reorganization Act of 1996 (20 U.S.C. 1155(e)(3)) is amended— (1) in subparagraph (B)(ii) and subparagraph (C)(iii), by striking ‘‘The Mayor’’ and inserting ‘‘Subject to subparagraph (F), the Mayor’’; and (2) by adding at the end the following new subparagraph: ‘‘(F) ROLE OF OFFICE OF PUBLIC CHARTER SCHOOL FINANCING AND SUPPORT.—During fiscal year 2003 and each succeeding fiscal year, the Office of Public Charter School Financing and Support shall be responsible for receiving applications, making payments, and otherwise administering this paragraph, except that no grant may be made under this paragraph without the approval of the committee described in subparagraph (C)(iii).’’. SEC. 144. None of the funds contained in this Act may be made available to pay—

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