(A) Contributions received by a candidate that are in excess of expenditures during an election cycle must be used by the candidate upon final disbursement:
(1) to defray ordinary and necessary expenses incurred in connection with his duties in his public office;
(2) to be contributed to an organization exempt from tax under Section 501(c)(3) of the Internal Revenue Code of 1986, a political party, or a committee;
(3) to be maintained in the campaign account for a subsequent race for the same elective office;
(4) to further the candidacy of the individual for a different elective office. However, after December 31, 1992, the funds must be used in a campaign for a different elective office only as provided for in Section 8-13-1352;
(5) to be returned pro rata to all contributors;
(6) to be contributed to the state's general fund; or
(7) to be distributed using a combination of these options.
(B) No candidate may expend contributions for personal use.
(C) A committee required to file reports under this article which has an unexpended balance of funds upon final disbursement not otherwise obligated for expenditures incurred to further the committee's purposes must designate how the surplus funds are to be distributed. The surplus funds must be:
(1) contributed to the state's general fund;
(2) returned pro rata to all contributors;
(3) contributed to a political party or to another committee;
(4) contributed to an organization exempt from tax pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code; or
(5) distributed using a combination of these options.
(D) A ballot measure committee required to file reports under this article which has an unexpended balance of funds upon final disbursement not otherwise obligated for expenditures incurred to further the ballot measure committee's purposes must designate how the surplus funds are to be distributed. The surplus funds must be:
(1) contributed to the state's general fund;
(2) returned pro rata to all contributors;
(3) contributed to another ballot measure committee;
(4) contributed to an organization exempt from tax pursuant to the provisions of Section 501(c)(3) of the Internal Revenue Code; or
(5) distributed using a combination of these options.
HISTORY: 1991 Act No. 248, Section 3, eff January 1, 1992 and governs only transactions which take place after December 31, 1991; 2003 Act No. 76, Sections 47, 48, eff June 26, 2003.