20-9-622. Guarantee account.
126 words·~1 min read·
/mt/title-20/chapter-9/part-6/20-9-622·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
20-9-622 . Guarantee account.
(1)There is a guarantee account in the state special revenue fund. The guarantee account is intended to:
(a)stabilize the long-term growth of the permanent fund; and
(b)maintain a constant and increasing distributable revenue stream. All realized capital gains and all distributable revenue must be deposited in the guarantee account. The guarantee account is statutorily appropriated, as provided in 17-7-502 , for distribution to school districts as the first source of funding for state equalization aid as provided in 20-9-343 .
(2)Any excess interest and income revenue, as defined in 20-9-342 , that is deposited in the guarantee account for distribution under this section must be transferred to the school facility and technology account provided for in 20-9-516 .