Section 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;
  • (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