§ 53A-20b-301. Charter School Reserve Account.

Latest version.

(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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