386.578 - Application for loan; requirements of contract for loan; regulations.
386.578 Application for loan; requirements of contract for loan; regulations.
1. If the governing body of a charter school has a written charter issued pursuant to NRS 386.527, the governing body may submit an application to the Department for a loan from the Fund for Charter Schools. An application must include a written description of the manner in which the loan will be used to prepare the charter school for its first year of operation or to improve a charter school that has been in operation.
2. The Department shall, within the limits of money available for use in the Fund, make loans to charter schools whose applications have been approved. If the Department makes a loan from the Fund, the Department shall ensure that the contract for the loan includes all terms and conditions for repayment of the loan.
3. The State Board:
(a) Shall adopt regulations that prescribe the:
(1) Annual deadline for submission of an application to the Department by a charter school that desires to receive a loan from the Fund; and
(2) Period for repayment and the rate of interest for loans made from the Fund.
(b) May adopt such other regulations as it deems necessary to carry out the provisions of this section and NRS 386.576 and 386.577.
(Added to NRS by 2001, 3124)