386.577 - Authorized uses of money in Fund; limitation. - Nevada Statutes

386.577  Authorized uses of money in Fund; limitation.

      1.  After deducting the costs directly related to administering the Fund for Charter Schools, the Department may use the money in the Fund for Charter Schools, including repayments of principal and interest on loans made from the Fund, and interest and income earned on money in the Fund, only to make loans at or below market rate to charter schools for the costs incurred:

      (a) In preparing a charter school to commence its first year of operation; and

      (b) To improve a charter school that has been in operation.

      2.  The total amount of a loan that may be made to a charter school in 1 year must not exceed $25,000.

      (Added to NRS by 2001, 3124)