Institute charter school - additional aid

(1) (a) For the 2004-05 budget year and each budget year thereafter, a qualified charter school, as that term is defined in section 22-54-124, that is an institute charter school shall receive state education fund moneys from the department in an amount equal to the percentage of the total qualified charter school pupil enrollment that is attributable to pupils expected to be enrolled in the institute charter school multiplied by the total amount of state education fund moneys distributed for the same budget year pursuant to section 22-54-124 (3). (b) As used in this subsection (1), "pupils" means pupils other than pupils enrolled in an online program or online school, as defined in sections 22-30.7-102 (9) and 22-30.7-102 (9.5), who are enrolled in a qualified charter school. (2) Funding received pursuant to subsection (1) of this section shall be in addition to any funding provided pursuant to section 22-30.5-513. (3) The department shall provide funding to each qualified charter school that is an institute charter school by making a monthly payment to the institute as soon as possible after the department receives a monthly payment of state education fund moneys pursuant to section 22-54-124. The institute shall promptly remit the appropriate amount to each eligible institute charter school and shall not withhold any portion of the amount. (4) An institute charter school shall use moneys it receives pursuant to subsection (1) of this section solely for capital construction, as defined in section 22-54-124 (1)(a).