2015 Utah Code
Title 53A - State System of Public Education
Chapter 20b - Charter School Financing
Part 3 - Charter School Reserve Account
Section 301 - Charter School Reserve Account.

53A-20b-301. Charter School Reserve Account.

• (1) There is created within the Education Fund a restricted account known as the "Charter School Reserve Account."

• (2) The reserve account consists of:
  • (a) money credited to the account pursuant to Section 53A-20b-202;
  • (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.

• (3) 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.

Enacted by Chapter 201, 2012 General Session