§ 35-3-23 - Interfund transfers.
SECTION 35-3-23
§ 35-3-23 Interfund transfers. – The governor may make an interfund transfer. Prior to making aninterfund transfer the governor shall give five (5) days written notificationof the proposed interfund transfer to the speaker of the house, the presidentof the senate, the chairperson of the house finance committee, the chairpersonof the senate finance committee, the minority leader of the senate, and theminority leader of the house.
An interfund transfer must comply with this section. Aninterfund transfer can be made under the following circumstances and on thefollowing conditions:
(1) The governor must make the findings that:
(i) All cash in the general fund, including the payrollclearing account, has been or is about to be exhausted;
(ii) The anticipated cash expenditures exceed the anticipatedcash available.
(2) The governor may make an interfund transfer to thegeneral fund from the:
(i) Temporary disability fund created in § 28-39-4;
(ii) Intermodal surface transportation fund created in §35-4-11; and/or
(iii) Tobacco settlement financing trust fund created in§ 42-133-9.
(3) Once in each fiscal quarter from each fund the governormay make an interfund transfer. The fund(s) from which money is transferredmust be made whole by June 30th in the same fiscal year as the transfer is made.
(4) The interfund transfer may be made notwithstanding theprovisions of §§ 28-37-3 and 28-39-4.