20-9-520. State school oil and natural gas distribution account. (1) There is a state school oil and natural gas distribution account in the state special revenue fund provided for in 17-2-102. The purpose of the account is for distribution of the oil and natural gas production revenue exceeding the limitation in 20-9-310(1) in accordance with 20-9-310(4). The funds deposited in this account for distribution to school districts and counties under 20-9-310(4) are statutorily appropriated as provided in 17-7-502.
(2) The department of revenue shall deposit in the account oil and natural gas production taxes that exceed the limitations in 20-9-310.
(3) The superintendent of public instruction shall distribute the money from the account in accordance with 20-9-310(4).
History: En. Sec. 34, Ch. 400, L. 2013; amd. Sec. 4, Ch. 432, L. 2015; amd. Sec. 5, Ch. 433, L. 2015.