Office of Education

Credit Enhancement

 Combined Application - Achievement District & Public School Credit Enhancement Program

An Achievement District School seeking a Guaranteed Financing, pursuant to A.R.S. 15-2155, shall file an application with the Board, which may be modified from time to time by the Board.

Applications failing to comply with the requirements of A.R.S. 15-2155 shall be denied without prejudice to the subsequent filing by such School of an application complying with such requirements.

The accuracy and completeness of information in an application shall be certified by the Chief Executive Officer or Chief Financial Officer of the School. 

PLEASE NOTE:

1. All textfields marked with an asterisk are REQUIRED for an application to be considered complete. If these textfields do not apply to the applicant school, please enter N/A. Failure to do so will result in an error upon submittal and the application will be deemed incomplete.

2. If you are choosing to attach a file and do not need to use the text box provided, simply enter "see attachment". All text fields are required, and failure to enter text will result in an error upon submittal and the application will be deemed incomplete.

3. If you would like to submit all requested files via dropbox, please include a link to the dropbox in the field provided below.

4. Your submission may be subject to production under Arizona's public records law.

 If you have any questions regarding this application,  please contact: [email protected].

Applicant Information
Contact Information
Achievement District Qualification
Please verify that the applicant has received a letter grade of A, or an equivalent successor, pursuant to A.R.S. 15-2141(B)(1), certification that the School has received such grade at the time of submitting the application, by checking yes below and by attaching any certifications or documentation to that effect. Charter public schools shall also provide certification that they are in material compliance with all requirements and their charter is not subject to revocation.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For the proven instructional strategies and curricula that demonstrate high academic outcomes required by A.R.S. 15-2141(B)(2), please provide a short narrative describing the School's strategies that may include the School's core programs, areas of instruction, pedagogy utilized and educational philosophies.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For verifiable enrollment demand required by A.R.S. 12-2141(B)(3), please provide certification that the school has demonstrated enrollment demand, such as a wait list or open enrollment demand by checking yes below.
For verifiable enrollment demand required by A.R.S. 12-2141(B)(3), please provide a description of the methodology used to evaluate enrollment demand.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For a commitment to provide technical assistance to an Underperforming school in the State, as required by A.R.S. 15-2141(B)(5), please provide a letter from an Unaffiliated and Underperforming school that confirms the applicant School's commitment and that identifies the areas of support being, or to be, provided.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
Pursuant to A.R.S. 15-2141(B)(6), Applicants shall also provide information concerning any poverty indicators of its student population, including the ratio of students eligible for a free or reduced cost lunch program.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
Financial Information
For exhibited sustainability of the Achievement District School's financial operations, the applicant school should provide at least two immediate years' audited financial statements. The audits must include an unqualified opinion and may not identify any "ongoing concern" issues. If an audit had not been completed for the most recent year, internally generated financial statements, including at least a statement of revenues and expenditures or a balance sheet by line-item or category totals that align with the submitted financial statements must be provided. The Board may request an additional year of audited financials.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For exhibited sustainability of the Achievement District School's financial operations, please provide the School's current year budget with line items or category totals that align with the submitted audited financial statements. For applications made after the first quarter of the fiscal year, a current balance sheet and year-to-date revenues and expenditures compared to budget by budget category.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
As required by A.R.S.15-2155(B)(2) if not provided elsewhere, please provide a statement showing the ratio of operating revenues to debt services or the ratio of financial property values to debt secured by the property. If the applicant does not have any such debt, please indicate so. Please calculate separate debt service coverage ratios, including the proposed financing both with and without credit enhancement.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
Public Charter School Applicants
For exhibited sustainability of the Achievement District School's financial operations, charter public school applicants must include a listing of the names, positions and experience of the charter public school's corporate board of directors and its senior staff.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For exhibited sustainability of the Achievement District School's financial operations, charter public school applicants must include information on any material or substantial lawsuits, threatened or potential litigation brought by any outside party, either currently or in the past three years, or any failure to have its charter re-approved, if any.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For exhibited sustainability of the Achievement District School's financial operations, charter public school applicants must include a projection of revenues, expenditures and net cash flows for the ensuing three-year period.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For charter public school applicants, please provide student enrollment statistics by grade for each grade level served, for the shorter of either the period the School has been in operation or for the most recent five years, for the current year, and projected student enrollment for the next five years.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For charter public school applicants, please demonstrate sufficient liquidity as evidenced by providing a statement showing the School has either: a. At least forty-five days unrestricted cash on hand based on the most recently completed fiscal year and for each of the years under the projections provided; or b. At least thirty days cash on hand based on the most recently completed fiscal year, a net increase in cash and cash equivalents for such year compared to the prior fiscal year, and that its days cash on hand is projected to increase to forty-five days cash on hand within two fiscal years based on the provided projections.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For public charter school applicants, if the applicant has outstanding debt that is rated by a municipal bond rating agency, please provide documentation showing the rating. If the applicant does not have rated debt, but intends to obtain an underlying credit rating on the proposed financing, please indicate the anticipated credit rating.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For public charter school applicants, please provide a list of all the applicant school's current outstanding debts, accompanied by a statement that the Applicant is not currently in default on any outstanding debt.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For a charter Achievement District School's demonstrated experience in operating and managing charter public schools with high academic outcomes for at least two consecutive years, as required by A.R.S. 15-2155(B)(3), please provide a narrative history covering at least the two most recent years of the Applicant's historical academic outcomes and operations.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For charter public school applicants, please disclose whether any personal benefit will inure to any employee of the School or school operator or an immediate relative, including a parent, spouse, sibling or child, of any such employee or operator.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
Guaranteed Financing
For information regarding the proposed Guaranteed Financing, please provide the following information: the planned timing of such financing, a schedule of estimated sources and uses of funds for such financing, the expected principal and interest payment dates and amounts by payment date for such financing, plans for funding reserves (if any), a description of the security for the proposed financing, and a list of the members of the applicant's financing team.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For information regarding the proposed Guaranteed Financing, please provide a description of what the Guaranteed Financing will be used for, a description of how the Guaranteed Financing will reduce or impact the Applicant's enrollment demand, whether the Guaranteed Financing will be a refinance of existing debt obligations, and if so, the estimated savings of the refinance and how the Applicant proposes to spend the monies saved as a result of the refinance. For new construction or expansion projects that will be funded by the proposed financing or by savings from refinancing, please provide a breakdown of the total project cost.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
For identification of any property being pledged as collateral, as required by A.R.S. 15-2155(B))6), please disclose whether any property to be financed and secured by a Guaranteed Financing will be owned or leased by the Applicant or, for charter public schools, the Applicant or its charter holder. Real property being pledged as collateral shall be identified by physical address, and a copy of an independent appraisal of the property that reflects current valuation within ninety (90) days of submission, please note that if your application is approved you must provide a copy of the lease for any leased collateral real property to the Board no less than thirty (30) calendar days and not more than sixty (60) calendar days before the issuance of the Guaranteed Financing.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
Please identify the following members of the applicant's financing team below: Borrower's Counsel, Bond Counsel, Bond Issuer, Underwriter, and Financial Advisor (if applicable).
Pursuant to A.R.S. 15-2155(B)(7), please provide information concerning the Applicant's teacher turnover rate from the immediate prior two years.
Files must be less than 2 MB.
Allowed file types: gif jpg jpeg png txt rtf html pdf doc docx odt ppt pptx odp xls xlsx ods xml.
Pursuant to A.R.S. 15-2155(B)(7), please provide the results from the immediate prior two years of any parent and/or teacher satisfaction surveys conducted by the Applicant.
Files must be less than 2 MB.
Allowed file types: pdf doc docx ppt pptx xls xlsx.
By checking yes below, the applicant attests to having read and reviewed the sample Terms and Conditions form. (Sample Terms and Conditions form may be found on the Credit Enhancement Program's "Resources" page under "Sample Documents.")
If the applicant foresees any issues with the sample Terms and Conditions form, please indicate those below. If there are no issues, please write N/A.
Confirm Accuracy and Completeness

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Dawn Wallace
Director and Education Policy Advisor

Kristin Sorensen
Deputy Director

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