126C.36 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.
Official Publication of the State of Minnesota
Revisor of Statutes