(a) There is created on the books of the Treasurer of State, the Auditor of the State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Open-Enrollment Public Charter School Facilities Loan Fund”.
(b) The fund shall consist of:
(1) General revenues as may be authorized by law;
(2) Grants received by the Division of Public School Academic Facilities and Transportation for the purpose of providing open-enrollment public charter school facilities assistance, including grants from the United States Department of Education;
(3) Donations or bequests received by the division for the purpose of starting, augmenting, or replenishing the fund;
(4) Revenues received from open-enrollment public charter schools for the repayment of a loan granted under the Open-Enrollment Public Charter School Facilities Loan Fund program; and
(5) Other revenues as may be provided by law.
(c) The fund shall be used for distributing loans to open-enrollment public charter schools for the purposes of the construction, lease, or purchase of an academic facility, the repair, improvement, or addition to an academic facility, and enhancing credit for financing purposes under § 6-23-701 et seq., and as may be otherwise provided by law.