Sec. 4. (a) The charter school facilities assistance fund is established. The department shall administer the fund. (b) The fund consists of the following: (1) Money appropriated or authorized by the general assembly. (2) The repayment proceeds of loans made to charter schools from the fund. (3) Any gifts and grants made to the fund or other money required by law to be deposited in the fund. (4) Any federal grants that are received to capitalize or supplement the fund. (5) Any earnings on money in the fund. (c) The expenses of administering the fund shall be paid from money in the fund. (d) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public funds may be invested. (e) The fund may be used by the department as a revolving fund for the purposes described in section 2 of this chapter. (f) Money in the fund at the end of a state fiscal year does not revert to the state general fund. As added by P.L.91-2011, SEC.25.
IC 20-24-12-5 Federal funds Sec. 5. The department may apply to the United States Department of Education for a state charter school facilities incentive program grant authorized under 34 U.S.C. 7221d(b). The department shall use the proceeds of any state charter school facilities incentive program grant awarded to the state for purposes of the program. To the extent permitted by federal law, the proceeds may be used to pay the administrative expenses of the program. As added by P.L.91-2011, SEC.25.