50-1-14. Attorney General authorized to approve private activity bonds to finance or refinance state charter school facility.

The Attorney General is designated as an applicable elected representative, as provided for in 26 U.S.C. Section 147(f)(2)(E) of the Internal Revenue Code, who may approve the issuance of one or more private activity bonds to finance or refinance a state charter school facility after a public hearing following reasonable notice in accordance with 26 U.S.C. Section 147(f) of the Internal Revenue Code and applicable state and federal rules. Within 60 days of the Attorney General receiving a written request for a public hearing, he or she or his or her designee shall hold such hearing, as required by 26 U.S.C. Section 147(f) of the Internal Revenue Code. Within 30 days of such hearing, the Attorney General shall approve the issuance of private activity bonds to finance or refinance a state charter school facility if the applicable charter school is authorized by Article 31A of Chapter 2 of Title 20 and is an organization described under 26 U.S.C. Section 501(c)(3) of the Internal Revenue Code, and such state charter school facility to be financed or refinanced by such private activity bonds will be owned or principally used by such state charter school.