Section 388A.675 - Repayment of loans1. 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:(a) In quarterly amounts corresponding with the quarterly apportionment to the charter school.(b) In equal amounts during the period of repayment, which must not exceed 3 years, agreed upon by the governing body of the charter school and the State Public Charter School Authority.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: (a) Defaults on repayment of the outstanding balance of the loan; or(b) Closes or otherwise ceases operation, the charter school is liable for repayment of the outstanding balance of the 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.Nev. Admin. Code § 388A.675
Added to NAC by Bd. of Education by R206-01, eff. 4-1-2002; A by Dep't of Education by R044-05, 10-31-2005; 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 - Substituted in revision for NAC 386.445NRS 385.080, 388A.110, 388A.438