§ 42-116-31 - Special revenue fund.
SECTION 42-116-31
§ 42-116-31 Special revenue fund. –(a) There is created a special revenue fund. Commencing July 1, 1991, one halfof one percent (0.5%) and an additional one-tenth of one percent (0.1%) as ofFebruary 1, 1992, for a total of six-tenths of one percent (0.6%) as ofFebruary 1, 1992, which is appropriated for the fiscal year ending June 30,1992, within the existing sales and use tax rate established in §§44-18-18 and 44-18-20 will be dedicated to the special revenue fund; provided,the six tenths of one percent (0.6%) dedicated to the special revenue fundshall not apply to any receipts resulting from any expansion of the coverage ofthe sales and use taxes through legislation enacted subsequent to February 1,1992.
(b) For the purposes of this section, the revenue estimatingconference, in consultation with the tax administrator, shall determineconclusively and annually no later than June 1 of each year for the succeedingfiscal year the amount of receipts to result from the expansion of the coverageof the sales and use taxes. The proceeds for the fund shall be utilized to paythe debt service of the corporation and otherwise effectuate the purposes ofthe corporation, including, without limitation, the payment of operatingexpenses. The portion of the fund not required in the fiscal year, commencingon July 1, 1995, (but not to exceed fourteen million five hundred thousanddollars ($14,500,000) in the fiscal year commencing on July 1, 1996, (but notto exceed fifteen million eight hundred thousand dollars ($15,800,000) in thefiscal year commencing on July 1, 1997, (but not to exceed fifteen milliondollars ($15,000,000) in the fiscal year commencing on July 1, 1999, (but notto exceed twelve million two hundred thousand dollars ($12,200,000)), toeffectuate the purposes of the corporation, to pay principal and interestbecoming due on any special obligation bonds secured by the special revenuefund or to be deposited into any debt service fund or other fund established inconnection with the issuance of any special obligation bonds for those purposesshall be returned to the state. Any of these funds returned to the state shallbe recorded on an accrual basis. The portion of the fund not required in anyfiscal year commencing on or after July 1, 1997, to effectuate the purposes ofthe corporation, to pay principal and interest becoming due on any specialobligation bonds secured by the special revenue fund or to be deposited intoany debt service fund or other fund established in connection with the issuanceof any special obligation bonds for these purposes shall be used to pay theloan obligations or bond indebtedness of the corporation. It is the intent ofthe general assembly to appropriate, from time to time, amounts to the specialrevenue fund not less in any fiscal year than the amount of the principal andinterest becoming due on any special obligation bonds secured by the specialrevenue fund in that fiscal year or the amount required to be deposited intoany debt service fund or other fund established in connection with the issuanceof any special obligation bonds for those purposes.