1. Except as otherwise provided in this subsection, an application for a loan from the Account must be submitted by the governing body of a charter school to the State Public Charter School Authority on or after January 1 and on or before March 15 or on or after July 1 and on or before October 15 of the calendar year in which the loan will be made. The State Public Charter School Authority may, upon request of the governing body of a charter school and for good cause shown, accept an application for a loan from the Account at any time. The State Public Charter School Authority shall not accept an application for a loan from the Account unless the State Public Charter School Authority has determined pursuant to subsection 2 that the balance of money in the Account is $5,000 or more. An application must include:
(a) The name of the charter school.
(b) The name, address and telephone number of the person whom the State Public Charter School Authority may contact regarding the application.
(c) The proposal of the charter school to repay the loan, consistent with NAC 388A.675.
(d) A description of:
(1) The financial needs of the charter school;
(2) The business plan for the charter school;
(3) The effect that receipt of the loan will have on the operation of the charter school; and
(4) The effect, if any, that receipt of the loan will have on the ability of the governing body or the charter school to obtain other financial assistance from public and private sources.
(e) A list of the anticipated expenses for which the money obtained from the loan will be used.
(f) A budget for the charter school for the fiscal year in which the loan is received and for each fiscal year of the proposed period for repayment of the loan. The budget must:
(1) Include an identification of all sources of revenue and expenses;
(2) Include the cost for repayment of the loan; and
(3) Be accompanied by a written narrative explaining each of the assumptions made in developing the budget.
(g) If the charter school is an operational charter school:
(1) A statement of the financial history of the applicant; and
(2) Three credit references for the applicant.
(h) If a member of the governing body has or had an association or affiliation with another charter school in this State or another state, a statement of the financial history of the charter school with which the member has or had such an association or affiliation. The provisions of this paragraph apply regardless of whether the member has terminated the association or affiliation.
(i) A statement of the monthly cash flow for the operation of the charter school, including, without limitation, an identification of the amount and timing of receipt of revenue relating to the amount and timing of expenditures.
(j) A resolution of the governing body authorizing submission of the application.
(k) If the charter school is sponsored pursuant to subsection 5 or 7 of NRS 388A.270, a letter of endorsement from the sponsor of the charter school.
(l) Any other information the Executive Director of the State Public Charter School Authority determines is necessary.
2. On or before January 1 and July 1 of each year, the State Public Charter School Authority shall determine the balance of money in the Account. If the State Public Charter School Authority determines that the balance of money in the Account is $5,000 or more, the State Public Charter School Authority shall provide notice of that fact and the availability of loans from the Account to each charter school that has a charter contract executed pursuant to NRS 388A.270.
Added to NAC by Bd. of Education by R206-01, eff. 4-1-2002; A by Dep't of Education by R035-14, 12-22-2014; A by Bd. of Education by R036-14, 12-22-2014; A by Dep't of Education by R035-14, 12-22-2014, eff. 1-1-2020; A by Bd. of Education by R036-14, 12-22-2014, eff. 1-1-2020; A by St. Pub. Charter School Auth. by R087-16, 12-21-2016 - Substituted in revision for NAC 386.435
