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

Utah § 53F-9-303

• Jurisdiction: Utah
• Title 53F: Public Education System -- Funding
• Ch. 53F-9: Funds and Accounts
• Part 53F-9-3: Income Tax Fund

Text

(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:

(3)(a) money credited to the account pursuant to Section 53G-5-607;
(3)(b) money appropriated to the account by the Legislature;
(3)(c) all income and interest derived from the deposit and investment of money in the account;
(3)(d) federal grants; and
(3)(e) private donations.
(4) Money in the reserve account may be appropriated by the Legislature to:

(4)(a) restore amounts on deposit in a debt service reserve fund of a qualifying charter school to the debt service reserve fund requirement;
(4)(b) pay fees and expenses of the authority;
(4)(c) pay the principal of and interest on bonds issued for a qualifying charter school; or
(4)(d) otherwise provide financial assistance to a qualifying charter school.

Legislative History

Amended by Chapter 456, 2022 General Session