Affected by 63I-2-253 on 7/1/2023
Effective 3/24/2022
53F-9-302. Minimum Basic Growth Account.
- (1) As used in this section, “account” means the Minimum Basic Growth Account created in this section.
- (2) There is created within the Income Tax Fund a restricted account known as the “Minimum Basic Growth Account.”
- (3) The account shall be funded by amounts deposited into the account in accordance with Section 53F-2-301 or 53F-2-301.5, as applicable.
- (4) The account shall earn interest.
- (5) Interest earned on the account shall be deposited into the account.
- (6) Upon appropriation by the Legislature:
- (a) 75% of the money from the account shall be used to fund the state’s contribution to the voted local levy guarantee described in Section 53F-2-601;
- (b) 20% of the money from the account shall be used to fund the Capital Outlay Foundation Program as provided in Section 53F-3-202; and
- (c) 5% of the money from the account shall be used to fund the Capital Outlay Enrollment Growth Program as provided in Section 53F-3-203.
Amended by Chapter 456, 2022 General Session