(a) (1) There is hereby established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the "Educational Excellence Trust Fund".
(2) For each of the state's fiscal years, the Chief Fiscal Officer of the State shall determine as an annual allocation for this fund an amount based on the total net general revenues as enumerated in § 19-6-201(1) and (2), which were collected in the immediate past year, times a factor of 0.1414.
(b) (1) On the last day of each month of the respective fiscal year, the Chief Fiscal Officer of the State shall certify to the Treasurer of State an amount based on one-twelfth (1/12) of the annual allocation determined in subsection (a) of this section for transfer to the fund.
(2) The Treasurer of State shall make such transfer after making the deductions required from the net general revenues as set out in § 19-5-202(b)(2)(B)(i).
Section: 6-5-302 6-5-307 6-5-308 NextLast modified: November 15, 2016