SENATE BILL NO. 511
INTRODUCED BY F. THOMAS, B. DEPRATU
AN ACT REVISING SCHOOL FUNDING THROUGH THE USE OF THE STATE UNIVERSITY FUND; REVISING THE ALLOCATION OF TIMBER PROCEEDS FOR MONTANA UNIVERSITY SYSTEM LANDS; PROVIDING THAT TIMBER PROCEEDS BECOME A PART OF THE INCOME STREAM RATHER THAN BEING DEPOSITED IN THE CORPUS; AMENDING SECTION 77-1-109, MCA; AND PROVIDING AN EFFECTIVE DATE.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:
Section 1. Section 77-1-109, MCA, is amended to read:
"77-1-109. Deposits of proceeds in trust land administration account. (1) The department shall, until the deposit equals the amount appropriated for the fiscal year pursuant to 77-1-108, deposit into the trust land administration account created by 77-1-108, the following:
(a) mineral royalties;
(b) the proceeds or income from the sale of easements and timber, except timber from public school and Montana university system lands; and
(c) 5% of the interest and income annually credited to the public school fund in accordance with 20-9-341.
(2) After the deposits in subsection (1) have been made, the remainder of the proceeds, other than proceeds from timber from Montana university system lands, must be deposited in the permanent fund for the appropriate trust and the capitol building land grant trust fund. Timber proceeds from university system lands must be paid over to the state treasurer, who shall deposit the money to the credit of the proper fund for use as provided in 17-3-1003(1).
(3) The amount of money that is deposited into the trust land administration account may not exceed 1 1/8% of the book value balance in each of the nine nonexpendable trust funds administered by the department on the first day of January preceding the new biennium and 10% of the previous fiscal year revenue deposited into the capitol building land grant trust fund."
Section 2. Effective date. [This act] is effective July 1, 2001.
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