Text: SF00077                           Text: SF00079
Text: SF00000 - SF00099                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

Senate File 78

Partial Bill History

Bill Introduced: S.J. 197
Complete Bill History

Bill Text

PAG LIN
  1  1    Section 1.  NEW SECTION.  256.95  SCHOOL ASSISTANCE FUND.
  1  2    1.  A school assistance fund is established in the state
  1  3 treasury under the control of and administered by the
  1  4 department.  State sales tax revenues shall be deposited in
  1  5 the school assistance fund as provided in section 422.43,
  1  6 subsection 8.  Notwithstanding section 12C.7, subsection 2,
  1  7 interest or earnings on moneys in the school assistance fund
  1  8 shall be credited to that fund.
  1  9    2.  There is appropriated annually all moneys deposited in
  1 10 the school assistance fund to the department for distribution
  1 11 to all school districts in the state as provided in this
  1 12 section.  The moneys appropriated for a fiscal year shall be
  1 13 distributed to each school district on the basis of the ratio
  1 14 which the percentage of actual enrollment for that school
  1 15 district bears to the total combined actual enrollment of all
  1 16 school districts in the state.  For purposes of this section,
  1 17 "actual enrollment" means the same as defined in section
  1 18 257.6, subsection 1, for the school year preceding the fiscal
  1 19 year for which the moneys in the school assistance fund are
  1 20 distributed.
  1 21    3.  a.  The director within fifteen days of the beginning
  1 22 of each fiscal year shall send to each school district an
  1 23 estimate of the amount of tax moneys each school district will
  1 24 receive for the year and for each month of the year.  At the
  1 25 end of each month, the director may revise the estimates for
  1 26 the year and remaining months.
  1 27    b.  The director shall remit ninety-five percent of the
  1 28 estimated monthly tax receipts for a school district to the
  1 29 school district on or before August 31 of the fiscal year and
  1 30 on or before the last day of each of the following ten months.
  1 31    c.  The director shall remit a final payment of the
  1 32 remainder of tax moneys due for the fiscal year before
  1 33 November 10 of the next fiscal year.  If an overpayment has
  1 34 resulted during the previous fiscal year, the first payment of
  1 35 the new fiscal year shall be adjusted to reflect any
  2  1 overpayment.
  2  2    4.  Moneys received by a school district under this section
  2  3 are miscellaneous income and may be used for any purpose of
  2  4 the school district.
  2  5    Sec. 2.  Section 422.43, subsection 8, Code 1999, is
  2  6 amended to read as follows:
  2  7    8.  All Eighty percent of all revenues arising under the
  2  8 operation of the provisions of this section shall become part
  2  9 of be deposited in the state general fund of the state.  The
  2 10 remaining twenty percent of the revenues shall be deposited in
  2 11 the school assistance fund established in section 256.95.
  2 12    Sec. 3.  This Act, being deemed of immediate importance,
  2 13 takes effect upon enactment, and applies to state sales tax
  2 14 revenues collected in fiscal years beginning on or after July
  2 15 1, 1999.  
  2 16                           EXPLANATION 
  2 17    The bill provides that 20 percent (one penny) of the state
  2 18 sales tax revenues is to be deposited in a special fund to be
  2 19 distributed on a monthly basis to each school district based
  2 20 upon the school district's actual enrollment for the previous
  2 21 year.  The moneys received by each school district are
  2 22 miscellaneous income and may be used for any purpose.
  2 23    The bill takes effect upon enactment and applies to sales
  2 24 tax revenues collected in fiscal years beginning on or after
  2 25 July 1, 1999.  
  2 26 LSB 1734SS 78
  2 27 mg/cf/24

Text: SF00077                           Text: SF00079
Text: SF00000 - SF00099                 Text: SF Index
Bills and Amendments: General Index     Bill History: General Index

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