Existing law creates the State Public Charter School Authority and requires, under certain circumstances, the Authority to sponsor charter schools. (NRS 388A.150, 388A.220) Existing law requires each board of county commissioners to levy a tax for the payment of interest and principal of outstanding bonds of the county school district. (NRS 387.195) Section 1 of this bill creates the State Public Charter School Facility Fund in the State Treasury and requires the Executive Director of the Authority to administer the Fund. Section 1 authorizes the Executive Director to request that the State Board of Finance issue bonds, secured by the money in and revenue of the Fund, to finance: (1) the construction, design or purchase of new and existing buildings for a charter school; (2) projects to enlarge, remodel or repair existing buildings or grounds for a charter school; (3) the acquiring of sites for building charter schools or additional property for necessary purposes related to charter schools; or (4) the rental or lease of buildings or grounds for a charter school. Section 1 applies the provisions of the State Securities Law (chapter 349 of NRS) to the issuance of such bonds and requires the State Board of Finance to determine that sufficient revenue will be available to pay the interest and installments of principal as they become due before issuing such bonds. Section 1 authorizes a charter school that is sponsored by the Authority to apply to the Authority for financial assistance from the proceeds of such bonds for one of the purposes for which such bonds may be issued. Section 2 of this bill authorizes a school district: (1) to impose a tax similar to the tax levied to pay interest and principal of bonds of a county school district; and (2) if such a tax is imposed, to require the proceeds and interest earned on those proceeds to be remitted to the State Treasurer for credit to the Fund created by section 1 and used for the purposes set forth in section 1 with respect to charter schools in the county.

Statutes affected:
As Introduced: 387.195
BDR: 387.195