Montana Code 20-9-601. Public school fund
20-9-601. Public school fund. The public school fund must be maintained by the state treasurer as a fund in the permanent fund type, and the principal amount of the fund is irreducible and permanent. The following money must be credited to the fund as an addition to the irreducible and permanent principal amount:
Terms Used In Montana Code 20-9-601
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Principal: means a person who holds a valid class 3 Montana teacher certificate with an applicable principal's endorsement that has been issued by the superintendent of public instruction under the provisions of this title and the policies adopted by the board of public education and who has been employed by a district as a principal. See Montana Code 20-1-101
- Property: means real and personal property. See Montana Code 1-1-205
- school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
- 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
(1)appropriations and donations by the state;
(2)donations and bequests by individuals to the state or schools;
(3)the proceeds of land and other property that revert to the state by escheat and forfeiture;
(4)the proceeds of all property granted to the state, when the purpose of the grant is not specified or is uncertain;
(5)funds accumulated in the treasury of the state for the disbursement of which provision has not been made by law;
(6)except as provided in 77-1-109, the proceeds of the sale of stone, materials, or other property from school lands other than those granted for specific purposes and all money other than rental recovered from persons trespassing on the lands;
(7)the principal of all money arising from the sale of lands and other property that has been and may be granted to the state for the support of common schools;
(8)except as provided in 77-1-109, the amount earmarked for deposit in this fund under the provisions of 20-9-341; and
(9)other money as may be provided by the legislature.