(1) The terms defined in Section 53G-5-601 apply to this section.

(2) There is created within the Education Fund a restricted account known as the "Charter School Reserve Account."

(3) The reserve account consists of: (a) money credited to the account pursuant to Section 53G-5-607; (b) money appropriated to the account by the Legislature; (c) all income and interest derived from the deposit and investment of money in the account; (d) federal grants; and (e) private donations.

(a) money credited to the account pursuant to Section 53G-5-607;

(b) money appropriated to the account by the Legislature;

(c) all income and interest derived from the deposit and investment of money in the account;

(d) federal grants; and

(e) private donations.

(4) Money in the reserve account may be appropriated by the Legislature to: (a) restore amounts on deposit in a debt service reserve fund of a qualifying charter school to the debt service reserve fund requirement; (b) pay fees and expenses of the authority; (c) pay the principal of and interest on bonds issued for a qualifying charter school; or (d) otherwise provide financial assistance to a qualifying charter school.

(a) restore amounts on deposit in a debt service reserve fund of a qualifying charter school to the debt service reserve fund requirement;

(b) pay fees and expenses of the authority;

(c) pay the principal of and interest on bonds issued for a qualifying charter school; or

(d) otherwise provide financial assistance to a qualifying charter school.