53F-9-303. Charter School Reserve Account.

164 words·~1 min read·/ut/title-53f/chapter-9/53f-9-303

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Effective 3/24/2022

(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;

(d)federal grants; and

(e)private donations.

(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