17-1-402. Distributions from Montana growth and opportunity trust.
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17-1-402 . Distributions from Montana growth and opportunity trust.
(1)Except as provided in subsection (3), interest earnings from the transfers into the distribution portion of the Montana growth and opportunity trust established in 17-1-401 are allocated as follows:
(a)40% to the state property tax assistance account established in 15-6-702 , up to $20 million a year;
(b)20% to the Montana water development state special revenue account established in 85-1-320 , up to $10 million a year;
(c)20% to the better local bridge state special revenue account established in 60-2-212 , up to $10 million a year; and
(d)20% to the Montana early childhood state special revenue account established in 52-2-1002 , up to $10 million a year.
(2)Any remaining interest earnings after the distribution in subsection
(1)must be transferred into the Montana growth and opportunity trust established in 17-1-401 .
(a)By August 15 of each year, the state treasurer shall determine whether the previous fiscal year ending fund balance of an account referenced in subsection
(1)is greater than the appropriation to the same account for the current year. If the account's ending fund balance exceeds the appropriation, the difference remains in the distribution portion of the trust and is not transferred into that account.
(b)This subsection
(3)does not apply to transfers into the state property tax assistance account.