2006 Kansas Code - 76-762

      76-762.   Same; operating funds created; deposit of moneys; interest on moneys deposited in housing system suspense fund; use of moneys in funds. (a) There is hereby created in the custody of the state treasurer the following funds at each state educational institution from which the housing system shall be operated:

      (1)   A housing system suspense fund;

      (2)   a housing system operations fund; and

      (3)   a housing system repairs, equipment and improvement fund.

      (b)   Payments received for rents and boarding fees and other charges in connection with the operation of the housing system shall be remitted to the state treasurer in accordance with the provisions of K.S.A. 75-4215, and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury to the credit of the housing system suspense fund.

      (c)   On or before the 10th of each month, the director of accounts and reports shall transfer from the state general fund to the housing system suspense fund interest earnings based on:

      (1)   The average daily balance of moneys in each housing system suspense fund of state educational institutions for the preceding month; and

      (2)   the net earnings rate for the pooled money investment portfolio for the preceding month.

      (d)   The housing system operations fund shall be used to pay the expenses of operation of the housing systems and for the operation and maintenance of the system. The state educational institution shall transfer from the housing system suspense fund to the operations fund amounts needed for the operation and maintenance of the system. Each state educational institution shall establish such accounts within the housing system operations fund as are required for the efficient management of the system. Funds in the housing system operations fund not needed for immediate use may be invested by the state educational institution through the pooled money investment board in accordance with the provisions of K.S.A. 75-4254, and amendments thereto.

      (e)   The housing system repairs, improvements and equipment fund shall be used for repairs, equipment, improvements and expansion of the housing system that cannot be financed from the housing system operations fund. Transfers may be made to this fund from the housing system suspense fund or the housing system operations fund as determined by the state educational institution. All or a portion of the moneys in such fund may be invested by the state educational institution through the pooled money investment board in accordance with the provisions of K.S.A. 75-4254, and amendments thereto. Expenditures from this fund may be made for projects that have been approved by the state board of regents.

      History:   L. 1985, ch. 296, § 2; L. 1996, ch. 253, § 34; L. 2001, ch. 5, § 421; July 1.