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 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 international 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. a. For a transfer of moneys from the interest for Iowa schools fund to the international 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 international 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 international center an amount equal to the amount of interest earned on the portion of the permanent school fund that is equal to one-half the cumulative total value of the contributions deposited in the international center endowment fund, not to exceed eight hundred seventy-five thousand dollars.
b. However, if prior to July 1, 1998, the general assembly appropriates moneys for the international center endowment fund established in section 263.8A in an aggregate amount equal to eight hundred seventy-five thousand dollars, the transfer of the interest earned based upon the cumulative value of contributions equal to one million seven hundred fifty thousand dollars deposited in the international center endowment fund on July 1, 1995, is no longer required under this section. If, on or after July 1, 1998, the general assembly appropriates moneys for the international center endowment fund in an aggregate amount equal to six hundred seventy-five thousand dollars, the transfer of interest earned based upon the cumulative value of contributions equal to one million three hundred fifty thousand dollars deposited in the international center endowment fund between July 1, 1995, and June 30, 1998, is no longer required under this section.
4. In addition to the moneys transferred pursuant to subsection 3, paragraph "a", effective on the date on which the cumulative total value of contributions deposited in the international center endowment fund between July 1, 1995, and June 30, 1998, equals or exceeds one million three hundred fifty thousand dollars, and annually thereafter, the treasurer of state shall transfer moneys from the interest for Iowa schools fund to the international center endowment fund in an amount equal to the interest earned on six hundred seventy-five thousand dollars in the permanent school fund.
5. Until the appropriations specified in subsection 3, paragraph "b", have been made by the general assembly, fifty percent of the interest remaining in the interest for Iowa schools fund after the total of the transfer of moneys to the first in the nation in education foundation pursuant to subsection 2 and after the transfer of moneys to the international center endowment fund in subsection 3, paragraph "a", shall, in addition, be transferred to the international center endowment fund and the remaining fifty percent shall become a part of the interest for Iowa schools 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 ~I95 Acts, ch 218, § 17; 96 Acts, ch 1184, §1, 2
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Search: Iowa Code 1997
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