* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Mitchell
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
Charter School Development Financing Authority - Funding the Education of Our Children
FOR the purpose of requesting that the City of Baltimore, along with local business owners, non-profit organizations, and other various private organizations, come together to aid in the formation of the Charter School Development Financing Authority in order to help Baltimore City Charter Schools develop innovative financing to pay for the upkeep of current facilities, provide funding for new charter school construction projects, and student grants, as well as provide the means to obtain and promote donations for the benefit of charter schools in Baltimore City.
Body
Recitals
For a charter school to be successful, the first challenge that administrators must overcome is finding the appropriate funding to finance the school buildings themselves. State charter school laws typically do not provide charter schools with any up-front funding for facilities, nor do they provide charter schools with ongoing revenue with which to make lease or loan payments. Unlike district schools that use existing public school buildings, charter school administrators must find facilities on their own with little or no funding from the state or district. As a result, charter schools must raise private funds or find other financing for up-front costs and t...
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