The Local Revenue Replacement Program provides an additional annual per pupil appropriation for charter schools to replace some of the local property tax revenue that traditionally covers maintenance and operation, capital projects and debt service. A minimum of 10% of the grant monies must be expended for facilities. This facilities dedication was $114 per pupil in Fiscal Year 2007; The state has created a charter school revolving loan fund. This fund provides loans to charter schools for the costs of constructing, renovating, and purchasing charter school facilities. This fund was initially capitalized with $2,000,000 in the 2003 general legislative session.