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. 38, September 20, 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.
