(1) The terms defined in Section 53G-5-601 apply to this section. (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: (a) money credited to the account pursuant to Section 53G-5-607; (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. (4) 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.
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