1. The interest for Iowa schools fund is established in the office of treasurer of state. The department of revenue and finance shall deposit interest earned on the permanent school fund in the interest for Iowa schools fund. Moneys in the interest for Iowa schools fund shall be transferred or allocated only for school purposes as provided in this section.
2. For a transfer of moneys from the interest for Iowa schools fund 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 treasurer of state the cumulative total value of contributions received under section 257A.7 for deposit in the first in the nation in education 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 interest for Iowa schools fund that is equal to the cumulative total value of contributions, less the portion of the interest for Iowa schools 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 treasurer of state to the credit of the first in the nation in education foundation.
3. For a transfer of moneys from the interest for Iowa schools fund 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 treasurer of state the cumulative total value of contributions received and deposited in the national center endowment fund. Within fifteen days following certification by the state university of Iowa, the treasurer of state shall transfer from the interest for Iowa schools fund to the national center an amount equal to 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.
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 ~I95 Acts, ch 218, § 17
Referred to in § 303.18, 421.31
Iowa General Assembly
Search: Iowa Code 1995SUPPLEMENT
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