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Current as of January 01, 2025 | Updated by Findlaw Staff
(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.
Cite this article: FindLaw.com - Utah Code Title 53F. Public Education System--Funding § 53F-9-303. Charter School Reserve Account - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-53f-public-education-system-funding/ut-code-sect-53f-9-303/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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