Montana Code 20-9-622. Guarantee account
20-9-622. Guarantee account. (1) There is a guarantee account in the state special revenue fund. The guarantee account is intended to:
Terms Used In Montana Code 20-9-622
- 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
- 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
- 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
(a)stabilize the long-term growth of the permanent fund; and
(b)maintain a constant and increasing distributable revenue stream. All realized capital gains and all distributable revenue must be deposited in the guarantee account. The guarantee account is statutorily appropriated, as provided in 17-7-502, for distribution to school districts as the first source of funding for state equalization aid as provided in 20-9-343.
(2)Any excess interest and income revenue deposited in the guarantee account for distribution under this section must be transferred to the school major maintenance aid account provided for in 20-9-525.