Nevada Revised Statutes 388A.432 – Creation; investment; credit of interest and income; deposit of money; payment of claims; acceptance of gifts and grants
1. The Account for Charter Schools is hereby created in the State General Fund as a revolving loan account, to be administered by the State Public Charter School Authority.
Terms Used In Nevada Revised Statutes 388A.432
- Charter school: means a public school that is formed pursuant to the provisions of chapter 388A of NRS. See Nevada Revised Statutes 385.007
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
2. The money in the Account must be invested as money in other state accounts is invested. All interest and income earned on the money in the Account must be credited to the Account. Any money remaining in the Account at the end of a fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward.
3. All payments of principal and interest on all the loans made to a charter school from the Account must be deposited with the State Treasurer for credit to the Account.
4. Claims against the Account must be paid as other claims against the State are paid.
5. The State Public Charter School Authority may accept gifts, grants, bequests and donations from any source for deposit in the Account.