Lubbock's representative on the State Board of Education explained why he opposed an investment policy change that would apply up to 100 million dollars from the Permanent School Fund to developing charter schools.
It passed on a seven to six vote.
Appearing on FOXTalk 950's FOXTalk in the Morning, Bob Craig says his objections focused on the risk associated with the allotment.
"I don't mind helping charters with their facilities but it should not be an investment such as a stock or a bond or real estate or something else for several reasons. One, we have issued in the life of charters 282 charters. There's only 211 currently active. By law we can only have 215. This means that 71 charter schools have either failed or had their charter revoked or something during the history of charters which is about 15 years. I do not think it's a good investment for an allocation in the permanent school fund.
Craig says that a board member from San Antonio who had opposed the allotment in an initial vote Thursday left immediately after the roll was taken at Friday's meeting.
The policy change still faces scrutiny by the Texas Attorney General and likely by state lawmakers as well.
