(1)Except as provided in subsection (b) of this section, for any fiscal year, not later than 10 days after the date of enactment of an act making appropriations for the District of Columbia for such fiscal year, the Mayor shall place in escrow an amount equal to the aggregate of the amounts determined under § 38-1804.01(b)(1)(B) for use only by District of Columbia public charter schools.
(i)Except as provided in sub-subparagraphs (ii) and (iii) of this subparagraph, no later than July 15, October 15, January 15, and April 15 of each year, the Mayor shall transfer, by electronic funds transfer, the quarterly payments for each public charter school as prescribed in § 38-2906.02 to a bank designated by such school.
(ii)In the case of a public charter school that has receiv
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(1) Except as provided in subsection (b) of this section, for any fiscal year, not later than 10 days after the date of enactment of an act making appropriations for the District of Columbia for such fiscal year, the Mayor shall place in escrow an amount equal to the aggregate of the amounts determined under § 38-1804.01(b)(1)(B) for use only by District of Columbia public charter schools.
(i) Except as provided in sub-subparagraphs (ii) and (iii) of this subparagraph, no later than July 15, October 15, January 15, and April 15 of each year, the Mayor shall transfer, by electronic funds transfer, the quarterly payments for each public charter school as prescribed in § 38-2906.02 to a bank designated by such school.
(ii) In the case of a public charter school that has received a payment pursuant to subsection (b) of this section in the fiscal year immediately preceding the fiscal year in which a transfer pursuant to sub-subparagraph (i) of this subparagraph is made, the amounts transferred to the school under sub-subparagraph (i) of this subparagraph shall be reduced by an amount equal to 25% of the amount of the payment made pursuant to subsection (b) of this section.
(iii) Funds received from the Education Jobs Fund, established by section 101 of An Act To modernize the air traffic control system, improve the safety, reliability, and availability of transportation by air in the United States, provides for modernization of the air traffic control system, reauthorizes the Federal Aviation Administration, and for other purposes, approved August 10, 2010 (Pub. L. No.111-226; 124 Stat. 2389) (“Act”), shall be disbursed to public charter schools at such times as are consistent with the requirements of the Act, its implementing regulations, and other applicable federal regulations.
(B) Repealed.
(i) If the funds made available to the District of Columbia Government for the District of Columbia public school system and each public charter school for any fiscal year are insufficient to pay the full amount that such system and each public charter school is eligible to receive under this subchapter for such year, the Mayor shall ratably reduce such amounts for such year on the basis of the formula described in § 38-1804.01(b) .
(ii) If additional funds become available for making payments under this subchapter for such fiscal year, amounts that were reduced under subparagraph (A) of this paragraph shall be increased on the same basis as such amounts were reduced.
(D) Any funds that remain in the escrow account for public charter schools on September 30 of a fiscal year shall revert to the general fund of the District of Columbia.
(E) Funds appropriated for public charter school payments that remain in the escrow account for public charter schools due to projected public charter school enrollment exceeding verified enrollment may only be reprogrammed to agencies in the public education system cluster of the District’s budget.
(1) The fund previously established in the General Fund of the District of Columbia as the “Charter School Fund” shall be redesignated the Student Enrollment Fund. Amounts deposited in the Student Enrollment Fund shall be available for expenditure without further appropriation and shall remain available until expended for the purposes described in paragraph (3) of this subsection. Amounts remaining unobligated or unexpended at the end of a fiscal year shall not revert to the General Fund of the District of Columbia.
(2) The Student Enrollment Fund shall consist of:
(A) Unexpended and unobligated amounts appropriated from local funds for public charter schools for each fiscal year that reverted to the General Fund of the District of Columbia, together with any other local funds that the Chief Financial Officer certifies are necessary to effect the purposes of the fund during the fiscal year; provided, that the amount of funds deposited shall not exceed $8 million in any fiscal year; and
(B) Any interest earned on such amounts.
(3) The Student Enrollment Fund shall be used to assist public schools and public charter schools in the District of Columbia by providing funding in cases where the total verified enrollment, including enrollment in special needs categories, exceeds the projected student enrollment on which the annual appropriation is based in that fiscal year.
(A) Expenditures from the Student Enrollment Fund for enrollment in excess of the annual public charter school projection for any public charter school operating in that fiscal year shall be authorized in cases where the total verified actual enrollment, including enrollment in special needs categories, exceeds the projected student enrollment on which the annual appropriation is based in that fiscal year.
(B) Expenditures from the Student Enrollment Fund for enrollment in excess of annual public school projections shall be authorized in cases where the total verified actual enrollment exceeds that of the student enrollment on which the annual appropriation is based in that fiscal year.
(5) Payments under this subsection shall be made by electronic funds transfer from the Student Enrollment Fund to a bank designated by a public charter school.
(6) There are authorized to be appropriated to the Chief Financial Officer such sums as may be necessary to effect the purposes of this subsection for each fiscal year.
(c) A public charter school may assign any payments made to the school under this section to a financial institution for use as collateral to secure a loan or for the repayment of a loan.