Utah Code Title 53F. Public Education System--Funding § 53F-9-203. Charter School Revolving Account

(1)(a) The terms defined in Section 53G-5-102 apply to this section.

(b) As used in this section, “account” means the Charter School Revolving Account.

(2)(a) There is created within the Uniform School Fund a restricted account known as the “Charter School Revolving Account” to provide assistance to charter schools to:

(b) The state board, in consultation with the State Charter School Board, shall administer the Charter School Revolving Account in accordance with rules adopted by the state board.

(a) money appropriated to the account by the Legislature;

(b) money received from the repayment of loans made from the account; and

(c) interest earned on money in the account.

(a) planning expenses;

(b) constructing or renovating charter school buildings;

(c) equipment and supplies; or

(d) other start-up or expansion expenses.

(a) review requests by charter schools for loans under this section; and

(b) in consultation with the State Charter School Board, approve or reject each request.

(10)(a) On March 16, 2011, the assets of the Charter School Building Subaccount administered by the state board shall be deposited into the Charter School Revolving Account.

(b) Beginning on March 16, 2011, loan payments for loans made from the Charter School Building Subaccount shall be deposited into the Charter School Revolving Account.