1. (a) The State may conduct or require periodic audits to ensure Loan Recipients are using funds consistent with the requirements and the terms of the Program, the related financing Program, if applicable, and this Article as approved. Loan Recipients shall retain all documentation and financial data necessary to substantiate the purposes for which the financing funds were spent for a period of five years after repayment of the loan.
2. (b) Loan Recipients may be required to routinely verify continued eligibility.
3. (c) The Authority reserves the right to conduct site visits to any Charter School benefitting from a loan.
4. (d) The Authority reserves the right to request an additional Good Standing confirmation at any time during the life of the loan.
5. (e) Loan Recipients are required to provide a summary of all expenditures paid for by the loan once the repayment period has ended or in the event the Loan Recipient is unable to repay the loan.

Note: Authority cited: Section 41365, Education Code. Reference: Sections 41365 and 41366.6, Education Code.

History

1. New section filed 2-3-2014 as an emergency; operative 2-3-2014 (Register 2014, No. 6). A Certificate of Compliance must be transmitted to OAL by 8-4-2014 or emergency language will be repealed by operation of law on the following day.

2. New section refiled 8-4-2014 as an emergency; operative 8-4-2014 (Register 2014, No. 32). A Certificate of Compliance must be transmitted to OAL by 11-3-2014 or emergency language will be repealed by operation of law on the following day.

3. New section refiled 10-27-2014 as an emergency; operative 11-3-2014 (Register 2014, No. 44). A Certificate of Compliance must be transmitted to OAL by 2-2-2015 or emergency language will be repealed by operation of law on the following day.

4. Certificate of Compliance as to 10-27-2014 order transmitted to OAL 1-29-2015 and filed 3-10-2015 (Register 2015, No. 11).

5. Amendment filed 12-1-2016; operative 12-1-2016 pursuant to Government Code section 11343.4(b)(3) (Register 2016, No. 49).

6. Amendment of subsection (c), new subsections (d)-(e) and amendment of Note filed 12-29-2025 as a deemed emergency pursuant to Education Code section 41365(h); operative 1-1-2026 (Register 2026, No. 1). A Certificate of Compliance must be transmitted to OAL by 6-30-2026 or emergency language will be repealed by operation of law on the following day.

7. Amendment of subsection (c) and new subsections (d)-(e) and amendment of Note refiled 6-19-2026 as a deemed emergency pursuant to Education Code section 41365(h); operative 7-1-2026 (Register 2026, No. 25). A Certificate of Compliance must be transmitted to OAL by 9-29-2026 or emergency language will be repealed by operation of law on the following day.