Utah Code 53F-9-302. Minimum Basic Growth Account
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(1) As used in this section, “account” means the Minimum Basic Growth Account created in this section.
Terms Used In Utah Code 53F-9-302
- 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
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) There is created within the Income Tax Fund a restricted account known as the “Minimum Basic Growth Account.”
(3) The account shall be funded by amounts deposited into the account in accordance with Section 53F-2-301.
(4) The account shall earn interest.
(5) Interest earned on the account shall be deposited into the account.
(6) Upon appropriation by the Legislature:
(6)(a) 75% of the money from the account shall be used to fund the state‘s contribution to the voted local levy guarantee described in Section 53F-2-601;
(6)(b) 20% of the money from the account shall be used to fund the Capital Outlay Foundation Program as provided in Section 53F-3-202; and
(6)(c) 5% of the money from the account shall be used to fund the Capital Outlay Enrollment Growth Program as provided in Section 53F-3-203.