Amendment No. 490

Assembly Amendment to Assembly Bill No. 597 (BDR 34-1574)

Proposed by: Committee on Ways and Means

Amendment Box: Resolves conflict in section 14 with section 21 of A.B. No. 124. Makes substantive changes.

Resolves Conflicts with: AB124

Amends: Summary: Title: Preamble: Joint Sponsorship:

ASSEMBLY ACTION Initial and Date | SENATE ACTION Initial and Date

Adopted Lost | Adopted Lost

Concurred In Not | Concurred In Not

Receded Not | Receded Not

Amend section 1, page 1, line 2, after "sections" by inserting "1.5,".

Amend the bill as a whole by adding a new section designated sec. 1.5, following section 1, to read as follows:

"Sec. 1.5. 1. The fund to stabilize the state distributive school account is hereby created as a special revenue fund, to be administered by the superintendent of public instruction.

2. All money in the state distributive school account that would otherwise revert to the state general fund at the end of a fiscal biennium must be deposited by the state treasurer in the fund to stabilize the state distributive school account. Except as otherwise provided in subsection 4, the money in the fund may only be used to cover a shortfall in the state distributive school account.

3. The money in the fund to stabilize the state distributive school account must be invested as the money in other state funds is invested. The superintendent of public instruction may accept gifts and grants from any source for deposit in the fund.

4. All interest and income earned on the money in the fund to stabilize the state distributive school account must be deposited in the fund to assist school districts in financing capital improvements created pursuant to section 2 of this act.

5. Claims against the fund to stabilize the state distributive school account must be paid as other claims against the state are paid.".

Amend sec. 14, page 9, line 37, by deleting "fund" and inserting "account".

Amend the title of the bill, second line, after "facilities;" by inserting:

"creating the fund to stabilize the state distributive school account;".