58-3977. Unclaimed mineral proceeds trust fund; transfers from and to state general fund; annual accounting report.

280 words·~1 min read·/ks/chapter-58/58-3977

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(a)On the effective date of this act, or as soon thereafter as moneys are available, the director of accounts and reports shall transfer $5,000,000 from the state general fund to the unclaimed mineral proceeds trust fund which is hereby created in the state treasury. All moneys in the unclaimed mineral proceeds trust fund shall be used for the payment of mineral proceeds claims made by another state for unclaimed mineral proceeds received in fiscal year 1994 and after the effective date of this act. Upon the request of the administrator and upon approval by the state finance council acting on this matter which is hereby characterized as a matter of legislative delegation and subject to the guidelines prescribed in subsection

(c)of K.S.A. 75-3711c , and amendments thereto, the director of accounts and reports shall transfer an additional amount not to exceed $5,000,000 from the state general fund to the unclaimed mineral proceeds trust fund.

(b)Upon the request of the administrator, the director of accounts and reports shall make one or more transfers of moneys from the unclaimed mineral proceeds trust fund to the state general fund in such amounts and on such dates as may be requested by the administrator.

(c)The director of accounts and reports shall transfer from the unclaimed mineral proceeds trust fund to the state general fund any moneys remaining in such fund five years following the effective date of this act.

(d)The administrator shall issue an annual accounting report on the moneys paid from the unclaimed mineral proceeds trust fund for the prior fiscal year.