Title 53A Chapter 20b Section 301
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State System of Public Education | |
Charter School Financing | |
Section 301 | Charter School Reserve Account. |
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53A-20b-301. Charter School Reserve Account.
(1) There is created within the Education Fund a restricted account known as the "Charter School Reserve Account." (2) The reserve account consists of: (a) money credited to the account pursuant to Section 53A-20b-202; (b) money appropriated to the account by the Legislature; (c) all income and interest derived from the deposit and investment of money in the account; (d) federal grants; and (e) private donations. (3) Money in the reserve account may be appropriated by the Legislature to: (a) restore amounts on deposit in a debt service reserve fund of a qualifying charter school to the debt service reserve fund requirement; (b) pay fees and expenses of the authority; (c) pay the principal of and interest on bonds issued for a qualifying charter school; or (d) otherwise provide financial assistance to a qualifying charter school. Enacted by Chapter 201, 2012 General Session | |
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