artx:sec24:start
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artx:sec24:start [2020/07/13 22:33] – Adopted Nov. 8, 1994 jet | artx:sec24:start [2020/07/30 16:58] (current) – jet | ||
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Section 24. | Section 24. | ||
- | Twenty | + | 1. Ten percent of the revenue from oil extraction taxes from taxable oil |
- | produced in this state must be allocated as follows: | + | produced in this state must be deposited in the common schools trust |
+ | fund. | ||
- | 1. Fifty percent must be deposited in the common schools trust fund. | + | 2. Ten percent |
+ | produced in this state must be deposited in the foundation aid | ||
+ | stabilization fund in the state treasury, the interest of which must be | ||
+ | transferred to the state general | ||
- | 2. Fifty percent must be deposited in the foundation aid stabilization | + | <WRAP indent> |
- | fund in the state treasury, the interest income of which must be | + | |
- | transferred to the state general fund on July first of each year. The | + | |
- | principal of the foundation aid stabilization fund may be expended only | + | |
- | upon order of the governor, who may direct such a transfer only to | + | |
- | offset foundation aid reductions that were made by executive action | + | |
- | pursuant to law due to a revenue shortage. | + | |
- | [Adopted | + | a. Except as otherwise provided, the principal of the foundation aid |
+ | stabilization fund may be expended upon order of the governor, who may | ||
+ | direct such a transfer only to offset reductions in state aid to school | ||
+ | districts, which were made by executive action, pursuant to law, due to | ||
+ | a revenue shortage. | ||
+ | |||
+ | b. Whenever the principal balance of the foundation aid stabilization | ||
+ | fund exceeds fifteen percent of the general fund appropriation for state | ||
+ | aid to school districts, for the most recently completed biennium, as | ||
+ | determined by the office of management and budget, the legislative | ||
+ | assembly may appropriate or transfer any excess principal balance. Such | ||
+ | amount may be used for education-related purposes, as provided by law. | ||
+ | |||
+ | </ | ||
+ | |||
+ | [Amended | ||
artx/sec24/start.1594679582.txt.gz · Last modified: 2020/07/13 22:33 by jet