R277-480-5. Charter School Revolving Account Committee Recommendations and Board Approval

  (1) The Charter School Revolving Account Committee shall make recommendations to the State Charter School Board and the Board only upon receipt of complete and satisfactory information from the applicant and upon a majority recommendation from the Charter School Revolving Account Committee.

  (2) The submission of intentionally false, incomplete or inaccurate information from a loan applicant may result in:

  (a) immediate cancellation of any previous loan;

  (b) the requirement for immediate repayment of any funds received;

  (c) denial of subsequent applications for a 12 month period from the date of the initial application; and

  (d) a recommendation to a school's authorizer to consider revocation of the school's charter.

  (3) The Superintendent and Executive Director shall review recommendations from the Charter School Revolving Account Committee.

  (4) The Charter School Revolving Account Committee shall submit recommendations for loan funding to the State Charter School Board for review.

  (5) The State Charter School Board shall submit final recommendations to the Board no more than 90 days after submission of all information and materials from the loan applicant to the Charter School Revolving Account Committee.

  (6) Either the State Charter School Board or the Board may request additional information from loan applicants or a reconsideration of a recommendation by the Charter School Revolving Account Committee.

  (7) The Board's approval or denial of a loan application constitutes the final administrative action in the charter school building revolving loan process.