(a) The commissioner of education is authorized to establish a public charter schools facilities program for the purpose of assisting public charter schools in acquiring and improving property to educate students, including the purchase of property, general capital improvements to existing and available buildings, assistance with any costs associated with the purchase or lease of underutilized or vacant property available pursuant to § 49-13-136, and assistance with the repayment of debt incurred for existing capital outlay projects.

(b) The commissioner may award grants and loans through the charter schools facilities program to public charter school governing bodies or charter management organizations for qualifying capital projects as determined through policies developed by the department of education. Such policies shall ensure funds are made available on an equitable basis for the benefit of public charter schools of all sizes, characteristics, geographic locations, and authorizers.

(c) Subject to appropriations, a public charter schools facilities fund shall be established as a separate account in the state treasury for the purposes of funding approved projects through the public charter schools facilities program. Costs for administering the public charter schools facilities program may be funded from the public charter schools facilities program fund. Amounts remaining in the fund at the end of each fiscal year shall not revert to the general fund. Moneys in the public charter schools facilities program fund shall be invested by the state treasurer pursuant to title 9, chapter 4, part 6 for the sole benefit of the fund.