(1) The Open-Enrollment Public Charter School Facilities Loan Fund shall be administered and operated by the Division of Public School Academic Facilities and Transportation for the sole purpose of facility assistance for eligible open-enrollment public charter schools.
(2) The fund may be funded by: General revenues received by the division for the purpose of starting, augmenting, or replenishing the fund;
(3) Grants received by the division for the express purpose of providing open-enrollment public charter school facilities assistance, including grants from the United States Department of Education; and
(4) Donations or bequests from organizations or individuals received by the division that are designated for the fund.
(5) The division shall: Use rules and forms adopted by the Commission for Arkansas Public School Academic Facilities and Transportation for the administration and operation of the loan program, including without limitation a loan application form that addresses: A specific description of the project or facility for which funding is needed;
(6) A description of the project or facility for which funding is needed, including the physical location of the project or facility;
(7) The anticipated cost of acquisition, construction, lease, operation, addition, improvement, or repair of the open-enrollment public charter school facility;
(8) An explanation for the open-enrollment public charter school's inability to provide sufficient funding for the project or facility through other resources;
(9) A description of the funds that the open-enrollment public charter school intends to use to collateralize and pledge to secure the loan;
(10) A repayment period of not to exceed ten (10) years from the date the loan is approved;
(11) A resolution from the open-enrollment public charter school's governing board stating the necessity of the requested assistance; and
(12) The repayment terms and conditions of the loan with the repayment interest rate not to exceed one percent (1%) of the interest rate earned by money in the fund; and
(13) Develop a prioritization system to fund projects and facilities if sufficient funding is not available to fully fund all eligible requests.
(14) The division shall dedicate sufficient personnel and resources to administer the loan program in a timely and responsive manner.
(15) All earnings received on the investment of assets held in the fund shall be used in the following order of priority for the following purposes: To pay the operating expenses of the fund administered by the division; and
(16) To fund loans under § 6-23-703 or as permitted by law.