NRS386.577. Authorized uses of money in Account; limitation.

      1.  After deducting the costs directly related to administering the Account for Charter Schools, the State Public Charter School Authority may use the money in the Account for Charter Schools, including repayments of principal and interest on loans made from the Account, and interest and income earned on money in the Account, 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 pursuant to subsection 1 must not exceed the lesser of an amount equal to $500 per pupil enrolled or to be enrolled at the charter school or $200,000.

      (Added to NRS by 2001, 3124; A 2013, 27th Special Session, 5)