Nevada Administrative Code
Chapter 388A - Charter Schools
ACCOUNT FOR CHARTER SCHOOLS
Section 388A.675 - Repayment of loans

1. The rate of interest for loans made from the Account is the prime rate at the largest bank in Nevada, as ascertained by the Commissioner of Financial Institutions, on January 1 or July 1, as the case may be, immediately preceding the date of the transaction.

2. If a loan is made to a charter school from the Account, the Department shall deduct from the apportionments made to the charter school pursuant to NRS 387.124, an amount of money equal to the annual repayment amount of the loan, including interest. The deductions must be made:

3. If a loan is made to an operational charter school, the deductions must be made commencing in the same fiscal year in which the loan is made. If a loan is made to a charter school that is not an operational charter school but which has a charter contract executed, the deductions must be made commencing with the first fiscal year immediately succeeding the fiscal year in which the charter school becomes an operational charter school.

4. If a charter school that receives a loan:

5. As used in this section, "fiscal year" means the 12-month period beginning on the first day of July and ending on the last day of June.