53F-9-303. Charter School Reserve Account.
| (1) |
The terms defined in Section 53G-5-601 apply to this section. |
| (2) |
There is created within the Income Tax Fund a restricted account known as the “Charter School Reserve Account.” |
| (3) |
The reserve account consists of:
| (a) |
money credited to the account pursuant to Section 53G-5-607; |
| (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; |
|
| (4) |
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. |
|
Amended by Chapter 456, 2022 General Session
