Montana Code 20-9-342. Deposit of interest and income money by state board of land commissioners
20-9-342. Deposit of interest and income money by state board of land commissioners. (1) Except as provided in 20-9-516, the state board of land commissioners shall deposit the interest and income money for each fiscal year into the guarantee account, provided for in 20-9-622, by the last business day of February and June before the close of the fiscal year in which the money was received. Except as provided in subsection (2), money in the guarantee account must be used for state equalization aid.
Terms Used In Montana Code 20-9-342
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- interest and income money: means the total of the following revenue, as provided for by Article X, section 5, of the 1972 Montana constitution:
(a)95% of the interest received from the investment of the public school fund;
(b)95% of the interest received from the investment of any other school funds held in trust by the state board of land commissioners;
(c)95% of the income received from the leasing of or sale of timber from state school lands; and
(d)95% of any other income derived from any other covenant affecting the use of state school lands. See Montana Code 20-9-341
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
- state equalization aid: means revenue as required in this section for distribution to the public schools for guaranteed tax base aid, BASE aid, and state debt service assistance. See Montana Code 20-9-343
(2)Any excess interest and income revenue deposited in the guarantee account in each fiscal year must be distributed in accordance with 20-9-622(2).
(3)For purposes of this section, “excess interest and income revenue” means an annual amount in excess of $56 million.