2011 Nevada Revised Statutes
Chapter 386 - Local Administrative Organization
NRS 386.576 - Creation; investment; credit of interest and income; deposit of money; payment of claims; acceptance of gifts and grants.
1. The Account for Charter Schools is hereby created in the State General Fund as a revolving loan account, to be administered by the Department.
2. The money in the Account must be invested as money in other state accounts is invested. All interest and income earned on the money in the Account must be credited to the Account. Any money remaining in the Account at the end of a fiscal year does not revert to the State General Fund, and the balance in the Account must be carried forward.
3. All payments of principal and interest on all the loans made to a charter school from the Account must be deposited with the State Treasurer for credit to the Account.
4. Claims against the Account must be paid as other claims against the State are paid.
5. The Department may accept gifts, grants, bequests and donations from any source for deposit in the Account.
(Added to NRS by 2001, 3124; A 2011, 446)
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