House Bill No. 156

Introduced By grady

By Request of the Department of Natural Resources and Conservation

A Bill for an Act entitled: "An Act increasing the amount allowed to fund resource development on school lands; amending section

77-1-607, MCA; and providing an effective date."

Be it enacted by the Legislature of the State of Montana:

Section 1.  Section 77-1-607, MCA, is amended to read:

"77-1-607.   Deductions from income for development account -- maximum percentage. (1) The board shall determine the amount or percentage of income, not to exceed 2 1/2% 3%, that is necessary to achieve the purposes of this part and shall provide by rule for deductions of that amount or percentage from the income which that is secured from the lands by the department for the trusts benefited by this part.

(2)  The maximum percentage limitation in subsection (1) does not apply to income deducted and expended under the provisions of 77-1-613."

NEW SECTION. Section 2.  Coordination instruction. If ___ Bill No. ___ [LC 175] is passed and approved, then [this act] is void.

NEW SECTION. Section 3.  Effective date. [This act] is effective July 1, 1997.