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        <EOYAmt>103640885</EOYAmt>
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      <InvestmentIncomePYPct>0.06000</InvestmentIncomePYPct>
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    <IRS990ScheduleD documentId="RetDoc1040000001">
      <LandGrp>
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        <BookValueAmt>4520792</BookValueAmt>
      </LandGrp>
      <BuildingsGrp>
        <OtherCostOrOtherBasisAmt>89083510</OtherCostOrOtherBasisAmt>
        <DepreciationAmt>8705075</DepreciationAmt>
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        <BookValueAmt>168616</BookValueAmt>
      </EquipmentGrp>
      <TotalBookValueLandBuildingsAmt>85067843</TotalBookValueLandBuildingsAmt>
      <OtherLiabilitiesOrgGrp>
        <Desc>BOND PREMIUM</Desc>
        <Amt>1962432</Amt>
      </OtherLiabilitiesOrgGrp>
      <TotalLiabilityAmt>1962432</TotalLiabilityAmt>
    </IRS990ScheduleD>
    <IRS990ScheduleK documentId="RetDoc1053100001">
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
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        </IssuerName>
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        <CUSIPNum>74442EAX8</CUSIPNum>
        <BondIssuedDt>2015-03-11</BondIssuedDt>
        <IssuePriceAmt>20621750</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
        <DefeasedInd>0</DefeasedInd>
        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
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        <BondIssuedDt>2021-11-24</BondIssuedDt>
        <IssuePriceAmt>32625801</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
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        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
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        </IssuerName>
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        <BondIssuedDt>2017-12-01</BondIssuedDt>
        <IssuePriceAmt>10670000</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
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        <OnBehalfOfIssuerInd>0</OnBehalfOfIssuerInd>
        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <IssuerName>
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        <BondIssuedDt>2019-06-28</BondIssuedDt>
        <IssuePriceAmt>5540000</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
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        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
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        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
        <FinalAllocationMadeInd>1</FinalAllocationMadeInd>
        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
      </TaxExemptBondsProceedsGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
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        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>C</BondReferenceCd>
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        <CapitalExpendituresAmt>8565892</CapitalExpendituresAmt>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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      <TaxExemptBondsProceedsGrp>
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        <CreditEnhancementAmt>110800</CreditEnhancementAmt>
        <CapitalExpendituresAmt>4997103</CapitalExpendituresAmt>
        <SubstantialCompletionYr>2021</SubstantialCompletionYr>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
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      <TaxExemptBondsPrivateBusUseGrp>
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      <TaxExemptBondsPrivateBusUseGrp>
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        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
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      <TaxExemptBondsPrivateBusUseGrp>
        <BondReferenceCd>D</BondReferenceCd>
        <OwningBondFinancedPropertyInd>1</OwningBondFinancedPropertyInd>
        <AnyLeaseArrangementsInd>0</AnyLeaseArrangementsInd>
        <MgmtContractBondFincdPropInd>0</MgmtContractBondFincdPropInd>
        <AnyResearchAgreementsInd>0</AnyResearchAgreementsInd>
        <BondIssMeetPrvtSecPymtTestInd>0</BondIssMeetPrvtSecPymtTestInd>
        <ChangeInUseBondFinancedPropInd>0</ChangeInUseBondFinancedPropInd>
        <ProcsNonqualifiedBondRemdtdInd>1</ProcsNonqualifiedBondRemdtdInd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>1</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <Form8038TFiledInd>0</Form8038TFiledInd>
        <RebateNotDueYetInd>1</RebateNotDueYetInd>
        <ExceptionToRebateInd>0</ExceptionToRebateInd>
        <NoRebateDueInd>0</NoRebateDueInd>
        <VariableRateIssueInd>0</VariableRateIssueInd>
        <HedgeIdentifiedInBksAndRecInd>0</HedgeIdentifiedInBksAndRecInd>
        <GrossProceedsInvestedInGICInd>0</GrossProceedsInvestedInGICInd>
        <GrossProceedsInvestedInd>0</GrossProceedsInvestedInd>
        <WrittenProcToMonitorReqsInd>1</WrittenProcToMonitorReqsInd>
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      <TaxExemptBondsArbitrageGrp>
        <BondReferenceCd>C</BondReferenceCd>
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        <RebateNotDueYetInd>1</RebateNotDueYetInd>
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        <NoRebateDueInd>0</NoRebateDueInd>
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        <BondReferenceCd>D</BondReferenceCd>
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        <ExplanationTxt>PUBLIC FINANCE AUTHORITY 2015 A: REFINANCE AND NEW CONSTRUCTION OF CHARTER SCHOOL FACILITY PUBLIC FINANCE AUTHORITY 2021 A&amp;B: FACILITIES PURCHASE AND CONSTRUCTION OF CHARTER SCHOOL FACILITY PUBLIC FINANCE AUTHORITY 2017 A: TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION SERVICE INC. ORIGINAL ISSUE WAS TO FUND CONSTRUCTION OF CHARTER SCHOOL FACILITIES PUBLIC FINANCE AUTHORITY 2019 A: TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION FOUNDATION. ORIGINAL ISSUE WAS TO ACQUIRE AND RENOVATE NEW CHARTER SCHOOL CAMPUS. PUBLIC FINANCE AUTHORITY 2022: TO FINANCE THE COSTS OF ACQUIRING, RENOVATING, AND EQUIPPING CERTAIN CHARTER SCHOOL FACILITIES. PUBLIC FINANCE AUTHORITY 2017 B: TRANSFER OF BOND ISSUE DUE TO MERGER WITH CHARLOTTE EDUCATION FOUNDATION. ORIGINAL ISSUE WAS TO FUND CONSTRUCTION OF CHARTER SCHOOL FACILITIES.</ExplanationTxt>
      </SupplementalInformationDetail>
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        <BondReferenceCd>A</BondReferenceCd>
        <IssuerName>
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        <BondIssuerEIN>273866124</BondIssuerEIN>
        <CUSIPNum>74442EKJ8</CUSIPNum>
        <BondIssuedDt>2022-12-22</BondIssuedDt>
        <IssuePriceAmt>38130000</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
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        <PoolFinancingInd>0</PoolFinancingInd>
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      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>B</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>PUBLIC FINANCE AUTHORITY 2017 B</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>273866124</BondIssuerEIN>
        <CUSIPNum>744396DA7</CUSIPNum>
        <BondIssuedDt>2017-12-01</BondIssuedDt>
        <IssuePriceAmt>755000</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
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        <PoolFinancingInd>0</PoolFinancingInd>
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      <TaxExemptBondsIssuesGrp>
        <BondReferenceCd>C</BondReferenceCd>
        <IssuerName>
          <BusinessNameLine1Txt>PUBLIC FINANCE AUTHORITY 2019 B</BusinessNameLine1Txt>
        </IssuerName>
        <BondIssuerEIN>273866124</BondIssuerEIN>
        <CUSIPNum>744396EK4</CUSIPNum>
        <BondIssuedDt>2019-06-28</BondIssuedDt>
        <IssuePriceAmt>460000</IssuePriceAmt>
        <PurposeDesc>SEE PART VI</PurposeDesc>
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        <PoolFinancingInd>0</PoolFinancingInd>
      </TaxExemptBondsIssuesGrp>
      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>A</BondReferenceCd>
        <TotalProceedsAmt>37581021</TotalProceedsAmt>
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        <CapitalExpendituresAmt>32785387</CapitalExpendituresAmt>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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      <TaxExemptBondsProceedsGrp>
        <BondReferenceCd>B</BondReferenceCd>
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        <InReserveFundAmt>58764</InReserveFundAmt>
        <IssuanceCostsFromProceedsAmt>350737</IssuanceCostsFromProceedsAmt>
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        <RefundingTaxableBondsInd>0</RefundingTaxableBondsInd>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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      <TaxExemptBondsProceedsGrp>
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        <InReserveFundAmt>105878</InReserveFundAmt>
        <IssuanceCostsFromProceedsAmt>350424</IssuanceCostsFromProceedsAmt>
        <CapitalExpendituresAmt>3698</CapitalExpendituresAmt>
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        <AdequateBooksAndRecMaintInd>1</AdequateBooksAndRecMaintInd>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11B</FormAndLineReferenceDesc>
        <ExplanationTxt>FORM 990 IS REVIEWED BY BOARD MEMBERS PRIOR TO FILING.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE CONFLICT OF INTEREST POLICY IS REVIEWED AT BOARD MEETINGS. BOARD MEMBERS ARE REQUIRED TO COMPLETE A DISCLOSURE FORM EACH YEAR. ANY POTENTIAL CONFLICTS OF INTEREST ARE REVIEWED AND RESOLVED BY THE BOARD.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>THE BOARD OF DIRECTORS APPROVES COMPENSATION FOR THE ORGANIZATION'S TOP MANAGEMENT OFFICIAL. NO OFFICERS ARE COMPENSATED. ALL OTHER COMPENSATION IS APPROVED BY THE BOARD OF DIRECTORS.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
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