Utah Code 53G-5-607. Charter School Reserve Account contribution requirements for qualifying charter schools
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(1) When bonds are issued under the credit enhancement program for a qualifying charter school, the qualifying charter school shall contribute money to the reserve account in the amount determined as provided in Subsection (2).
Terms Used In Utah Code 53G-5-607
- Authority: means the Utah Charter School Finance Authority created by this part. See Utah Code 53G-5-601
- Charter school: means a school created under this chapter. See Utah Code 53G-5-601
- Credit enhancement program: means the Charter School Credit Enhancement Program established in Section 53G-5-606. See Utah Code 53G-5-601
- Qualifying charter school: means a charter school that:(11)(a) meets standards adopted by the authority for participation in the credit enhancement program; and(11)(b) is designated by the authority as a qualifying charter school for purposes of participation in the credit enhancement program. See Utah Code 53G-5-601
- Reserve account: means the Charter School Reserve Account created in Section 53F-9-303. See Utah Code 53G-5-601
(2) The authority shall determine the up-front and ongoing requirements for contributions of money to the reserve account for each qualifying charter school.