Kansas Statutes 75-7225. Same; KAN-ED fund created
(a) There is hereby created in the state treasury the KAN-ED fund. The board shall remit to the state treasurer all moneys received by or on behalf of the board for the purposes of this act. Upon receipt of the remittance, the state treasurer shall deposit the entire amount in the state treasury and credit it to the KAN-ED fund.
(b) Moneys in the KAN-ED fund shall be expended only for the purposes of this act.
Terms Used In Kansas Statutes 75-7225
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Board: means the state board of regents. See Kansas Statutes 75-7222
- Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201
(c) On or before the 10th of each month, the director of accounts and reports shall transfer from the state general fund to the KAN-ED fund interest earnings based on:
(1) The average daily balance of moneys in the fund for the preceding month; and
(2) the net earnings rate for the pooled money investment portfolio for the preceding month.
(d) All expenditures from the KAN-ED fund shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the chairperson of the board or the chairperson’s designee for the purposes set forth in this section.