1. The department of revenue and finance shall transfer the interest earned on the permanent school fund to the first in the nation in education foundation and to the national center for gifted and talented education in the manner provided in this section.
2. For a transfer of interest earned to the first in the nation in education foundation, prior to July 1, October 1, January 1, and March 1 of each year, the governing board of the first in the nation in education foundation established in section 257A.2 shall certify to the director of revenue and finance the cumulative total value of contributions received under section 257A.7 for deposit in the fund and for the use of the foundation. The cumulative total value of contributions received includes the value of the amount deposited in the national center endowment fund established in section 263.8A in excess of eight hundred seventy- five thousand dollars. The value of in-kind contributions shall be based upon the fair market value of the contribution determined for income tax purposes.
The portion of the permanent school fund that is equal to the cumulative total value of contributions, less the portion of the permanent school fund dedicated to the national center for gifted and talented education, is dedicated to the first in the nation in education foundation for that year. The interest earned on this dedicated amount shall be transferred by the department of revenue and finance to the credit of the first in the nation in education foundation.
3. For a transfer of interest earned to the national center endowment fund established in section 263.8A, prior to July 1, October 1, January 1, and March 1 of each year, the state university of Iowa shall certify to the department of revenue and finance the cumulative total value of contributions received and deposited in the national center endowment fund. The department of revenue and finance shall dedicate the interest earned on a portion of the permanent school fund to the national center in the manner provided in this subsection. The portion of the permanent school fund that is used to determine the dedicated amount of interest earned for a year shall equal one-half the cumulative total value of the contributions deposited in the national center endowment fund, not to exceed eight hundred seventy-five thousand dollars. Within fifteen days following certification by the state university of Iowa, the department of revenue and finance shall transmit the interest earned on the dedicated amount to the state university of Iowa for the use of the national center for gifted and talented education.
4. The remaining portion of the interest earned on the permanent school fund shall become a part of the permanent school fund.
86 Acts, ch 1246, § 141 ~IC87, § 302.1A ~I88 Acts, ch 1012, §2; 88 Acts, ch 1284, §51; 89 Acts, ch 319, § 77, 78 ~IC93, § 257B.1A
Referred to in § 303.18, 421.31
Iowa General Assembly
Search: Iowa Code 1995
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