There is a newer version of this Statute
2023
2022
2021
2020 (you are here)
2019
Other previous versions
View our newest version here

2020 Nebraska Revised Statutes
Chapter 85 - State University, State Colleges, and Postsecondary Education
85-2803 Meadowlark Endowment Fund; established; investment; restrictions; State Treasurer; powers and duties.

Universal Citation: NE Code § 85-2803 (2020)
Previous Next

85-2803. Meadowlark Endowment Fund; established; investment; restrictions; State Treasurer; powers and duties.

(1) There is hereby established in the state treasury a trust fund to be known as the Meadowlark Endowment Fund. The fund shall be administered by the State Treasurer and shall consist of qualified private contributions and any amounts appropriated or transferred to the fund by the Legislature. No General Funds shall be transferred to the Meadowlark Endowment Fund. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act. No portion of the principal of the fund shall be expended for any purpose except investment pursuant to this subsection.

(2) The State Treasurer may accept qualified private contributions and shall credit all such contributions received either to the Meadowlark Endowment Fund or to accounts opened under the Meadowlark Program, at the direction of the donor. Such contributions shall not be used to pay expenses associated with attending kindergarten through grade twelve.

(3) On or before April 1 of each year, the State Treasurer shall determine the total amount of qualified private contributions received under subsection (2) of this section in the previous calendar year and shall transfer an equal amount from the College Savings Plan Expense Fund or the Unclaimed Property Escheat Trust Fund, as determined by the State Treasurer, to the Meadowlark Endowment Fund or to accounts opened under the Meadowlark Program. For any amount transferred from the College Savings Plan Expense Fund or the Unclaimed Property Escheat Trust Fund that is not being transferred to the Meadowlark Endowment Fund, the State Treasurer shall evenly distribute such amount to the accounts opened under the Meadowlark Program in the previous calendar year.

Source

  • Laws 2019, LB610, § 3;
  • Laws 2020, LB1042, § 7.
  • Effective Date: August 8, 2020

Cross References

  • Nebraska Capital Expansion Act, see section 72-1269.
  • Nebraska State Funds Investment Act, see section 72-1260.

Previous Next
Disclaimer: These codes may not be the most recent version. Nebraska may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.