2003 Montana Legislature

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HOUSE BILL NO. 434

INTRODUCED BY D. WANZENRIED

 

A BILL FOR AN ACT ENTITLED: "AN ACT TRANSFERRING $93 MILLION FROM THE RESERVES OF THE STATE COMPENSATION INSURANCE FUND TO THE GENERAL FUND IN THE FISCAL YEAR ENDING JUNE 30, 2004; REQUIRING THE GOVERNOR TO INCLUDE A SIMILAR TRANSFER, PLUS INTEREST, IN THE BUDGET SUBMITTED TO THE 59TH LEGISLATURE; AMENDING SECTION 39-71-2320, MCA; AND PROVIDING AN IMMEDIATE EFFECTIVE DATE."

 

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MONTANA:

 

     Section 1.  Section 39-71-2320, MCA, is amended to read:

     "39-71-2320.  Property of state fund -- investment required -- exception. (1) Except as provided in subsection (2), all premiums and other money paid to the state fund, all property and securities acquired through the use of money belonging to the state fund, and all interest and dividends earned upon money belonging to the state fund are the sole property of the state fund and must be used exclusively for the operations and obligations of the state fund. The money collected by the state fund may not be used for any other purpose. However, state fund money must be invested by the board of investments provided for in 2-15-1808.

     (2)  The state fund shall pay to the general fund:

     (a)  $10 million in the fiscal year ending June 30, 1998; and

     (b)  $10 $93 million, from reserves, in the fiscal year ending June 30, 1999 2004."

 

     NEW SECTION.  Section 2.  Budget inclusion of fund transfer. The governor shall include in the budget submitted to the 59th legislature a transfer from the general fund to the state fund in the amount transferred from the state fund to the general fund pursuant to 39-71-2320 for the fiscal year ending June 30, 2004. The amount included in the budget must include interest on the amount transferred at the rate earned on the state short-term investment pool for the fiscal year ending June 30, 2004.

 

     NEW SECTION.  Section 3.  Effective date. [This act] is effective on passage and approval.

- END -

 


Latest Version of HB 434 (HB0434.01)
Processed for the Web on January 25, 2003 (11:36am)

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