33-903. PUBLIC SCHOOL INCOME FUND. (1) The public school income fund is that fund in the treasury of the state of Idaho to which are credited the following:
(a) Moneys distributed from the public school earnings reserve fund and other sources the legislature deems appropriate;
(b) Proceeds of all state taxes levied for public school purposes;
(c) Grants of moneys from the federal government for public school purposes when other disposition is not specified by law;
(d) Ninety percent (90%) of any moneys received by any department of state government from the federal government from sales, royalties, bonuses or rentals of oil, gas or mineral lands;
(e) Legislative appropriations in support of the public schools, and other moneys required by the law of the federal government or of the state of Idaho to be made a part of and credited to the fund.
(2) Earnings on the investment of idle moneys in the public school income fund shall be paid to the public school income fund.
(3) Moneys in the public school income fund shall be used for the benefit of beneficiaries of the public school endowment and distributed to current beneficiaries of the public school endowment pursuant to legislative appropriation.
History:
[33-903, added 1963, ch. 13, sec. 119, p. 27; am. 1976, ch. 28, sec. 1, p. 63; am. 1984, ch. 180, sec. 1, p. 426; am. 1990, ch. 377, secs. 1, 4, p. 1042; am. 1998, ch. 256, sec. 9, p. 830.]