The Texas Credit Enhancement Program (TCEP) received a $6.9 million grant from the US Department of Education (USDOE) to establish a credit enhancement program for charter schools facilities funding. TCEP is a consortium formed with the Resource Center for Charter Schools, the Texas Public Finance Authority Charter School Finance Corporation (TPFA CSFC), and the Texas Education Agency (TEA). The TPFA CSFC is a non-profit corporation created by the Board of Directors of the Texas Public Finance Authority (TPFA), a state agency, pursuant to Section 53.351 of the Texas Education Code. TPFA provides administrative and staff support for the CSFC. The CSFC is the entity responsible for awarding access to TCEP grant funds.

The TCEP will use the $6.9 million in Credit Enhancement for Charter School Facilities grant funds, combined with a $100,000 TEA contribution, to establish reserve funds for open enrollment charter schools that are issuing municipal bonds to finance the acquisition, construction, repair, or renovation of Texas charter school facilities. Refinancing of facilities debt may be included if it falls within federal program guidelines. The debt service reserve funds will be held in the State treasury solely to provide security for repayment of the bonds. The funds will not be provided directly to the approved charter schools for construction.

Eligibility Criteria

• Academic rating of acceptable or higher for two consecutive years, including 2006.
• Fiscally sound as determined by a satisfactory rating under the 2006 Financial Integrity Rating System of Texas (FIRST) as adapted for charter schools.
• Other criteria as outlined in the application.

Timeline and Process

• Applications will be due by September 15, 2006 at 5:00 p.m. into the TPFA office at 300 West 15th Street, Suite 411, Austin, Texas, 78701.
• Prior to submitting the application the charter schools should work with their financial advisors, bond counsel and an underwriter to structure their bond issue and prepare preliminary bond documents. These services will not be provided by TCEP.
• Applications will be reviewed by consortium staff and approved by the CSFC board.
• Approved charters will be notified in early 2007.

Training

• TCEP training will be hosted by TPFA, TEA, and Resource Center staff. All potential TCEP applicants are strongly encouraged to attend one of the following training sessions at TEA, Room 1-104, in the William B. Travis Building, 1701 N. Congress, Austin:
  Monday, May 15, 2006 at 1:30 p.m.
  Tuesday, May 23, 2006 at 1:30 p.m.
• Preliminary copies of the TCEP application will be distributed at the training sessions. The electronic version will be available on the TPFA website by approximately May 24.

For additional information contact: Kim Edwards at kim.edwards@tpfa.state.tx.us; Mary Perry at mary.perry@tea.state.tx.us; or Patsy O'Neill at oneillp@texas.net.

National Charter Schools Week
During National Charter Schools Week (NCSW), May 1 - 6, many teachers, students, parents, and charter advocates will renew their commitment to excellence in education by celebrating the role charter schools play across the country. This is also an opportunity to spread the word about our great accomplishments by contacting local reporters to let them know of the progress students are making and invite them to NCSW events that are happening at your school.

Public Charter School Day at the Capitol
The Association of Charter Educators (ACE) is pleased to host a National Charter Schools Week Public Charter School Day at the Capitol on Tuesday, May 2. ACE is inviting charter school colleagues, board members, parents and friends to meet in the Capitol Extension, room E1.020 at 8:30 a.m. A planning session for attendees will be held the evening before at 6:00 p.m., also in room E1.020 of the Capitol Extension. For additional information or to RSVP, contact Seth Winick at seth@hrwkglobal.com.

National Charter Schools Week Celebration in Dallas / Ft. Worth
A National Charter Schools Week (NCSW) celebration for the Dallas / Ft. Worth area will be held at Winfree Academy Charter School on Friday, May 5, 2006 at 10:15 a.m. Stedman Graham, the New York Times best selling author and educator, will be the keynote speaker. His speech will be based on his best selling book, Teens Can Make It Happen, which describes his nine steps to success with students and his work to support student retention in schools. A free book signing will follow the NCSW celebration. Winfree Academy Charter School is located at 3110 Skyway Circle South Irving, Texas, 75038. RSVP with names to John Chalkley at jchalkley@winfreeacademy.com.