53F-9-303. Charter School Reserve Account.
(1) The terms defined in Sectionapply to this section. 53G-5-601
(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: money credited to the account pursuant to Section; 53G-5-607 money appropriated to the account by the Legislature; all income and interest derived from the deposit and investment of money in the account; federal grants; and private donations.
(4) Money in the reserve account may be appropriated by the Legislature to: restore amounts on deposit in a debt service reserve fund of a qualifying charter school to the debt service reserve fund requirement; pay fees and expenses of the authority; pay the principal of and interest on bonds issued for a qualifying charter school; or otherwise provide financial assistance to a qualifying charter school.