Utah Code 53G-5-609. Limitation on participation in Charter School Credit Enhancement Program
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(1) In accordance with Subsection (2), on or before January 1 of each year, the authority shall determine the credit enhancement program‘s bond issuance limitation.
Terms Used In Utah Code 53G-5-609
- Annual charter school enrollment: means the total enrollment of all students in the state enrolled in a charter school in grades kindergarten through grade 12, based on October 1 enrollment counts. See Utah Code 53G-5-601
- Annual state enrollment: means the total enrollment of all students in the state enrolled in a public school in grades kindergarten through grade 12, based on October 1 enrollment counts. See Utah Code 53G-5-601
- 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
- Equal: means , with respect to biological sex, of the same value. See Utah Code 68-3-12.5
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) The authority may not issue bonds for a qualifying charter school under the credit enhancement program if the total par amount outstanding under the program would exceed an amount equal to the product of:
(2)(a) 1.3;
(2)(b) an amount equal to the quotient of:
(2)(b)(i) annual charter school enrollment; divided by
(2)(b)(ii) annual state enrollment; and
(2)(c) the total par amount then outstanding under the school bond guarantee program established in Chapter 4, Part 8, School District Bond Guaranty.