1997 Minnesota Statutes

     124A.73 Education trust fund. 

    Subdivision 1.    Creation.  The commissioner shall 
 deposit to the credit of the education trust fund all money 
 available to the credit of the trust.  The commissioner shall 
 maintain the trust as a separate fund to be used only to pay 
 money as provided by law to school districts or to repay 
 advances made from the general fund, as provided under 
 subdivision 4. 

    Subd. 2.    Appropriation.  The money to be paid by law 
 from the education trust fund is appropriated annually. 

    Subd. 3.    Estimates; reduction of payments.  (a) At 
 the beginning of each fiscal year, the commissioner, in 
 consultation with the commissioner of revenue, shall estimate 
 for the fiscal year: 

    (1) the amount of revenues to be deposited in the trust 
 fund and other law; and 

    (2) the payments authorized by law to be made out of the 
 trust. 

    (b) If the estimated payments exceed the estimated receipts 
 of the trust fund, the appropriations from the trust to each 
 program are proportionately reduced, unless otherwise provided 
 by law. 

    Subd. 4.    General fund advance.  If the money in the 
 trust fund is insufficient to make payments on the dates 
 provided by law, but the commissioner estimates receipts for the 
 fiscal year will be sufficient, the commissioner shall advance 
 money from the general fund to the trust fund necessary to make 
 the payments.  On or before the close of the biennium, the trust 
 shall repay the advances with interest, calculated at the rate 
 of earnings on invested treasurer's cash, to the general fund. 

    HIST: 1992 c 499 art 7 s 8 

*   NOTE:  This section, as added by Laws 1992, chapter 499, 
*article 7, section 8, is effective for revenue for fiscal year 
*2000.  Laws 1992, chapter 499, article 7, section 32.