2006 Utah Code - 53A-16-101 — Uniform School Fund -- Contents -- Interest and Dividends Account.

     53A-16-101.   Uniform School Fund -- Contents -- Interest and Dividends Account.
     (1) The Uniform School Fund established by Utah Constitution, Article X, Section 5, consists of:
     (a) interest and dividends derived from the investment of monies in the permanent State School Fund established by Utah Constitution, Article X, Section 5;
     (b) money transferred to the fund pursuant to Title 67, Chapter 4a, Unclaimed Property Act;
     (c) revenue from the sale of forfeited property as provided by Title 24, Chapter 1, Utah Uniform Forfeiture Procedures Act; and
     (d) all other constitutional or legislative allocations to the fund, including revenues received under Utah Constitution, Article XIII, Section 5, from taxes on income or intangible property, except for those income tax revenues appropriated to the state's higher education system.
     (2) (a) There is created within the Uniform School Fund a restricted account known as the Interest and Dividends Account.
     (b) The Interest and Dividends Account consists of:
     (i) interest and dividends derived from the investment of monies in the permanent State School Fund referred to in Subsection (1)(a); and
     (ii) interest on account monies.
     (3) (a) Upon appropriation by the Legislature, monies from the Interest and Dividends Account shall be used for the School LAND Trust Program as provided in Section 53A-16-101.5.
     (b) The Legislature may appropriate any remaining balance for the support of the public education system.

Amended by Chapter 166, 2005 General Session