1.  Money in the Account for Charter Schools may be expended for the purposes set forth in subsection 2 or for any other purpose authorized by the Legislature.

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2.  After deducting the costs directly related to administering the Account for Charter Schools, the State Public Charter School Authority may use the money available in the Account for Charter Schools, including repayments of principal and interest on loans made from the Account, and interest and income earned on money in the Account, to make loans at or below market rate to charter schools for the costs identified in the loan application for use:

(a) In preparing a charter school to commence its first year of operation;

(b) To improve a charter school that has been in operation; and

(c) To fund recruitment of teachers and pupils to new charter school facilities and enrollment of pupils in such facilities.

3.  The total amount of a loan that may be made to a charter school pursuant to subsection 2 must not exceed the lesser of an amount equal to $500 per pupil enrolled or to be enrolled at the charter school or $200,000.