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BOARD00761
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Last modified
8/16/2009 2:53:58 PM
Creation date
10/4/2006 6:43:55 AM
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Board Meetings
Board Meeting Date
1/23/2002
Description
63rd General Assembly Issues
Board Meetings - Doc Type
Memo
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<br />. <br /> <br />. <br /> <br />. <br /> <br />SUBPARAGRAPH to read: <br />39-29-109. Severance tax trust fund - created - administration - use of moneys - repeal, (I) (c) (III) Ins mE <br />INTENT OF mE GENERAL ASSEMBL Y THAT THE OPERATIONAL ACCOUNT OF THE SEVERANCE TAX TRUST FUND MAINTAIN <br />A STATE FISCAL YEAR END BALANCE EQUAL TO TWICE THE CURRENT STATE FISCAL YEAR'S OPERATING APPROPRIATIONS <br />FOR mE PROGRAMS SPECIFIED IN mIS PARAGRAPH (c). MONEYS MAY BE APPROPRIATED OR OmERWISE MADE <br />A V AlLABLE FROM SUCH TWO-YEAR RESERVE ONLY TO OFFSET TEMPORARY REVENUE REDUCTIONS IN mE PROGRAMS <br />SPECIFIED IN THIS PARAGRAPH (c). THIS PROVISION IS INTENDED TO MITIGATE mE IMPACT OF FLUCTUATIONS IN THE <br />AMOUNT OF REVENUE CREDITED TO mE FUND FROM YEAR TO YEAR SO AS TO MAINTAIN CURRENT LEVELS OF SERVICE FOR <br />SUCH PROGRAMS. <br />SECTION 20 Safety clause. The general assembly hereby finds, determiues, and declares that this act is <br />necessary for the immediate preservation of the public peace, health, and safety. <br /> <br />-2- <br /> <br />HB <br />
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