20-9-341. Definition of interest and income money.
151 words·~1 min read·
/mt/title-20/chapter-9/part-3/20-9-341A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
20-9-341 . Definition of interest and income money.
(1)Subject to deductions made under 77-1-109 , as used in this title, the term "interest and income money" means the total of the following revenue, as provided for by Article X, section 5, of the 1972 Montana constitution:
(a)95% of the interest received from the investment of the public school fund;
(b)95% of the interest received from the investment of any other school funds held in trust by the state board of land commissioners;
(c)95% of the income received from the leasing of or sale of timber from state school lands; and
(d)95% of any other income derived from any other covenant affecting the use of state school lands.
(2)The remaining 5% of the revenue described in subsections (1)(a) through (1)(d) must be annually credited to the public school fund after any deductions made under 77-1-109 .