California Code of Regulations › Title 4 - Business Regulations › Division 15 - California School Finance Authority › Article 1 - Charter School Facilities Program › Section 10156 - Payment of Local Matching Share

Current through Register 2024 Notice Reg. No. 28, July 12, 2024
(a)
				Facilities funded pursuant to the Program shall have a 50 percent Local
				Matching Share obligation that may be paid by the applicant through payments
				which may be reduced in the case of a lump sum payment.
(b) If the Applicant or Obligor elects to
				make Matching Share payments in lieu of a lump sum local matching payment, the
				Authority will: determine the Matching Share payment schedule by amortizing one
				half of the total approved project costs, minus any lump sum payments, over the
				term of the Matching Share Payment period, and such a payment schedule shall be
				an exhibit to the Applicant's or Obligor's Funding Agreement.
(c) As a part of the determination of the
				Matching Share Payment schedule within subdivision (b) of this Section, at the
				Authority's discretion, the Authority shall consider the option of either a
				semi-annual or monthly payment schedule. Under both payment schedules, the
				first payment shall occur no less than one full year after the occupancy date
				of CSFP project, and the final payment shall be scheduled for no more than 30
				years from the date on which Final Apportionment funds were last disbursed. For
				a semi-annual payment schedule, accrued interest shall commence six months
				prior to the first payment date. For a monthly payment schedule, accrued
				interest shall commence one month prior to the first payment date. All
				scheduled payments shall be intercepted pursuant to Education Code, Section
				17199.4.
(d) If the Applicant is receiving a
				significant contribution from a third party, the Applicant shall provide
				information describing whether the contribution will be used to cover costs
				which are in excess of the eligible costs as determined by the Board or to be
				used to meet the Applicant's Local Matching Share or both.
(e) Program Agreements will contain
				conditions for release of funding, as well as security, reporting, and default
				provisions as described in Sections
				10159 and
				10160.
(f) In the case of a lump sum payment being
				used to meet the Charter School's Local Matching Share obligation, the Charter
				School must provide documentation that said lump sum payment is available and
				restricted for purposes of making the payment.
(g) As a condition for the release of funds,
				the intercept method shall be required for payment of the Local Matching Share
				pursuant to Education Code, Section
				17199.4.
1. New section
				  filed 2-13-2003 as an emergency; operative 2-13-2003 (Register 2003, No. 7). A
				  Certificate of Compliance must be transmitted to OAL by 6-13-2003 or emergency
				  language will be repealed by operation of law on the following
				  day.
2. Certificate of Compliance as to 2-13-2003 order transmitted
				  to OAL 6-12-2003 and filed 7-14-2003 (Register 2003, No. 29).
3.
				  Amendment of section filed 3-29-2004 as an emergency pursuant to Education Code
				  section
				  17078.57(b);
				  operative 3-29-2004 (Register 2004, No. 14). A Certificate of Compliance must
				  be transmitted to OAL by 7-27-2004 or emergency language will be repealed by
				  operation of law on the following day.
4. Amendment of section
				  refiled 7-19-2004 as an emergency pursuant to Education Code section
				  17078.57(b);
				  operative 7-27-2004 (Register 2004, No. 30). A Certificate of Compliance must
				  be transmitted to OAL by 11-24-2004 or emergency language will be repealed by
				  operation of law on the following day.
5. Certificate of Compliance
				  as to 7-19-2004 order transmitted to OAL 11-8-2004 filed 12-23-2004 (Register
				  2004, No. 52).
6. Amendment of first paragraph and subsection (a)
				  filed 11-3-2006 as an emergency; operative 11-3-2006 (Register 2006, No. 44). A
				  Certificate of Compliance must be transmitted to OAL by 3-5-2007 or emergency
				  language will be repealed by operation of law on the following
				  day.
7. Reinstatement of section as it existed prior to 11-3-2006
				  emergency amendments pursuant to Government Code section
				  11346.1(f)
				  (Register 2007, No. 39).
8. Amendment of introductory paragraph and
				  subsections (c)-(d), (g) and (l) filed 9-9-2010 as an emergency; operative
				  9-9-2010 (Register 2010, No. 37). A Certificate of Compliance must be
				  transmitted to OAL by 3-8-2011 or emergency language will be repealed by
				  operation of law on the following day.
9. Certificate of Compliance
				  as to 9-9-2010 order transmitted to OAL 1-19-2011 and filed 2-16-2011 (Register
				  2011, No. 7).
10. Repealer of former section
				  10156 and renumbering and amendment
				  of former section
				  10157 to section
				  10156 filed 11-3-2011 as an
				  emergency; operative 11-3-2011 (Register 2011, No. 44). A Certificate of
				  Compliance must be transmitted to OAL by 5-1-2012 or emergency language will be
				  repealed by operation of law on the following day.
11. Certificate
				  of Compliance as to 11-3-2011 order transmitted to OAL 2-7-2012 and filed
				  3-5-2012 (Register 2012, No. 10).
12. Repealer of former section
				  10156 and renumbering and amendment
				  of former section
				  10158 to new section
				  10156 filed 7-3-2018; operative
				  10-1-2018 (Register 2018, No. 27).
Note: Authority cited: Sections
					 17078.57,
					 17179, and
					 17180,
					 Education Code. Reference: Sections
					 17078.54,
					 17078.57,
					 17078.58,
					 and
					 17199.4,
					 Education Code.