Section 5. Level 4 State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
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State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which consists of:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands;
(e) revenues appropriated by the Legislature; and
(f) other revenues and assets received by the permanent State School Fund under any other provision of law or by bequest or donation.
(2) (a) The permanent State School Fund shall be prudently invested by the state and shall be held by the state in perpetuity.
(b) Only earnings received from investment of the permanent State School Fund may be distributed from the fund, and any distribution from the fund shall be for the support of the public education system as defined in Article X, Section 2 of this constitution.
(c) Annual distributions from the permanent State School Fund under Subsection (2)(b) may not exceed 5% of the fund, calculated as provided by statute.
(d) The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the permanent State School Fund.
(e) The permanent State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which consists of:
(a) money from the permanent State School Fund;
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the Uniform School Fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public education system as defined in Article X, Section 2 of this constitution and apportioned as the Legislature shall provide.
(5) (a) Notwithstanding Article VI, Section 29, the State may guarantee the debt of school districts created in accordance with Article XIV, Section 3, and may guarantee debt incurred to refund the school district debt. Any debt guaranty, the school district debt guaranteed thereby, or any borrowing of the state undertaken to facilitate the payment of the state's obligation under any debt guaranty shall not be included as a debt of the state for purposes of the 1.5% limitation of Article X1V, Section 1.
(b) The Legislature may provide that reimbursement to the state shall be obtained from monies which otherwise would be used for the support of the educational programs of the school district which incurred the debt with respect to which a payment under the state's guaranty was made.
State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which consists of:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands;
(e) revenues appropriated by the Legislature; and
(f) other revenues and assets received by the permanent State School Fund under any other provision of law or by bequest or donation.
(2) (a) The permanent State School Fund shall be prudently invested by the state and shall be held by the state in perpetuity.
(b) Only earnings received from investment of the permanent State School Fund may be distributed from the fund, and any distribution from the fund shall be for the support of the public education system as defined in Article X, Section 2 of this constitution.
(c) Annual distributions from the permanent State School Fund under Subsection (2)(b) may not exceed 4% of the fund, calculated as provided by statute.
(d) The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the permanent State School Fund.
(e) The permanent State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which consists of:
(a) money from the permanent State School Fund;
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the Uniform School Fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public education system as defined in Article X, Section 2 of this constitution and apportioned as the Legislature shall provide.
(5) (a) Notwithstanding Article VI, Section 29, the State may guarantee the debt of school districts created in accordance with Article XIV, Section 3, and may guarantee debt incurred to refund the school district debt. Any debt guaranty, the school district debt guaranteed thereby, or any borrowing of the state undertaken to facilitate the payment of the state's obligation under any debt guaranty shall not be included as a debt of the state for purposes of the 1.5% limitation of Article X1V, Section 1.
(b) The Legislature may provide that reimbursement to the state shall be obtained from monies which otherwise would be used for the support of the educational programs of the school district which incurred the debt with respect to which a payment under the state's guaranty was made.
State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands;
(e) revenues appropriated by the Legislature; and
(f) other revenues and assets received by the fund under any other provision of law or by bequest or donation.
(2) (a) The State School Fund principal shall be safely invested and held by the state in perpetuity.
(b) Only the interest and dividends received from investment of the State School Fund may be expended for the support of the public education system as defined in Article X, Section 2 of this constitution.
(c) The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund.
(d) The State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which shall consist of revenue from the following sources:
(a) interest and dividends from the State School Fund;
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public education system as defined in Article X, Section 2 of this constitution and apportioned as the Legislature shall provide.
(5) (a) Notwithstanding Article VI, Section 29, the State may guarantee the debt of school. districts created in accordance with Article XIV, Section 3, and may guarantee debt incurred to refund the school district debt. Any debt guaranty, the school district debt guaranteed thereby, or any borrowing of the state undertaken to facilitate the payment of the state's obligation under any debt guaranty shall not be included as a debt of the state for purposes of the 1.5% limitation of Article XIV, Section 1.
(b) The Legislature may provide that reimbursement to the state shall be obtained from monies which otherwise would be used for the support of the educational programs of the school district which incurred the debt with respect to which a payment under the state's guaranty was made.
State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands;
(e) revenues appropriated by the Legislature; and
(f) other revenues and assets received by the fund under any other provision of law or by bequest or donation.
(2)(a) The State School Fund principal shall be safely invested and held by the state in perpetuity.
(b) Only the interest and dividends received from investment of the State School Fund may be expended for the support of the public education system as defined in Article X, Section 2 of this constitution.
(c) The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund.
(d) The State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which shall consist or revenue from the following sources:
(a) interest and dividends from the State School Fund;
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.
(5)(a) The state may guarantee the debt of school districts created in accordance with Article XIV, Section 3, and may guarantee debt incurred to refund the school district debt. Any debt guaranty, the school district debt guaranteed thereby, or any borrowing of the state undertaken to facilitate the payment of the state's obligation under any debt guaranty shall not be included as a debt of the state for purposes of the 1.5% limitation of Article XIV, Section 1.
(b) The Legislature may provide that reimbursement to the state shall be obtained from monies which otherwise would be used for the support of the educational programs of the school district which incurred the debt with respect to which a payment under the state's guaranty was made.
State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands; and
(e) other revenues appropriated by the Legislature.
(2) The State School Fund principal shall be safely invested and held by the state in perpetuity. Only the interest received from investment of the State School Fund may be expended for the support of the public elementary and secondary schools. The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund. A portion of the interest earnings of the State School Fund, in an amount equal to the total balance in the State School Fund at the close of each calendar year multiplied by the annual rate of Inflation for the preceding year, as determined by the state treasurer, shall be retained in the State School Fund and added to the principal. The State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which shall consist of revenue from the following sources:
(a) interest from the State School Fund remaining after deduction of the amount retained in the State School Fund to protect the fund against losses due to inflation:
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.
(5) (a) The state may guarantee the debt of school districts created in accordance with Article XIV, Section 3, and may guarantee debt incurred to refund the school district debt, Any debt guaranty, the school district debt guaranteed thereby, or any borrowing of the state undertaken to facilitate the payment of the state's obligation under any debt guaranty shall not be included as a debt of the state for purposes of the 1.5% limitation of Article XIV, Section 1.
(b) The Legislature may provide that reimbursement to the state shall be obtained from monies which otherwise would be used for the support of the educational programs of the school district which incurred the debt with respect to which a payment under the state's guaranty was made.
Level 4 State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands;
(e) revenues appropriated by the Legislature; and
(f) other revenues and assets received by the fund under any other provision of law or by bequest or donation.
(2) The State School Fund principal shall be safely invested and held by the state in perpetuity. Only the interest received from investment of the State School Fund may be expended for the support of the public elementary and secondary schools. The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund. A portion of the interest earnings of the State School Fund, in an amount equal to the total balance in the State School Fund at the close of each calendar year multiplied by the annual rate of inflation for the preceding year, as determined by the state treasurer, shall be retained in the State School Fund and added to the principal. The State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which shall consist or revenue from the following sources:
(a) interest from the State School Fund remaining after deduction of the amount retained in the State School Fund to protect the fund against losses due to inflation;
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.
Level 4 State School Fund and Uniform School Fund - Establishment and Use - Debt Guaranty
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands; and
(e) other revenues appropriated by the Legislature.
(2) The State School Fund principal shall be safely invested and held by the state in perpetuity. Only the interest received from investment of the State School Fund may be expended for the support of the public education system as defined in Article X, Section 2 of this constitution. The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund. A portion of the interest earnings of the State School Fund, in an amount equal to the total balance in the State School Fund at the close of each calendar year multiplied by the annual rate of Inflation for the preceding year, as determined by the state treasurer, shall be retained in the State School Fund and added to the principal. The State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which shall consist of revenue from the following sources:
(a) interest from the State School Fund remaining after deduction of the amount retained in the State School Fund to protect the fund against losses due to inflation:
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public education system as defined in Article X, Section 2 in this constitution and apportioned as the Legislature shall provide.
(5) (a) The state may guarantee the debt of school districts created in accordance with Article XIV, Section 3, and may guarantee debt incurred to refund the school district debt, Any debt guaranty, the school district debt guaranteed thereby, or any borrowing of the state undertaken to facilitate the payment of the state's obligation under any debt guaranty shall not be included as a debt of the state for purposes of the 1.5% limitation of Article XIV, Section 1.
(b) The Legislature may provide that reimbursement to the state shall be obtained from monies which otherwise would be used for the support of the educational programs of the school district which incurred the debt with respect to which a payment under the state's guaranty was made.
State School Fund and Uniform School Fund - Establishment and Use
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources:
(a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools;
(b) 5% of the net proceeds from the sales of United States public lands lying within this state;
(c) all revenues derived from nonrenewable resources on state lands, other than sovereign lands and lands granted for other specific purposes;
(d) all revenues derived from the use of school trust lands; and
(e) other revenues appropriated by the Legislature.
(2) The State School Fund principal shall be safely invested and held by the state in perpetuity. Only the interest received from investment of the State School Fund may be expended for the support of the public elementary and secondary schools. The Legislature may make appropriations from school trust land revenues to provide funding necessary for the proper administration and management of those lands consistent with the state's fiduciary responsibilities towards the beneficiaries of the school land trust. Unexpended balances remaining from the appropriation at the end of each fiscal year shall be deposited in the State School Fund. A portion of the interest earnings of the State School Fund, in an amount equal to the total balance in the State School Fund at the close of each calendar year multiplied by the annual rate of inflation for the preceding year, as determined by the state treasurer, shall be retained in the State School Fund and added to the principal. The State School Fund shall be guaranteed by the state against loss or diversion.
(3) There is established a Uniform School Fund which shall consist of revenue from the following sources:
(a) interest from the State School Fund remaining after deduction of the amount retained in the State School Fund to protect the fund against losses due to inflation;
(b) revenues appropriated by the Legislature; and
(c) other revenues received by the fund under any other provision of law or by donation.
(4) The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.
State School Fund and Uniform School Fund - Establishment and Use
(1) There is established a permanent State School Fund which shall consist of revenue from the following sources: (a) proceeds from the sales of all lands granted by the United States to this state for the support of the public elementary and secondary schools; (b) 5% of the net proceeds from the sales of United States public lands lying within this state; (c) all revenues derived from nonrenewable resources on school or state lands, other than those lands granted for other specific purposes; and (d) other revenues as appropriated by the Legislature. The State School Fund principal shall be safely invested and held by the state in perpetuity. The interest of the State School Fund only shall be expended for the support of the public elementary and secondary schools. The Legislature by statute may provide for necessary administrative costs. The State School Fund shall be guaranteed by the state against loss or diversion.
(2) There is established a Uniform School Fund which shall consist of revenue from the following sources: (a) interest from the State School Fund; (b) except as appropriated by the Legislature for the State School Fund, revenues derived from renewable resources on school or state lands, other than those granted for specific purposes; and (c) other revenues which the Legislature may appropriate. If the interest generated by the State School Fund exceeds the amount required to fund the Uniform School Fund, as appropriated annually by the Legislature, the excess shall pass through to the General Fund. The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.
State School Fund - Interest Distributed
(1) Except as provided by statute for the necessary cost of land administration, (a) proceeds of the sales of all lands that have been or may hereafter be granted by the United States to this state, for the support of the public elementary and secondary schools, (b) 5% of the net proceeds of the sales of United States public lands lying within the states and sold by the United States subsequent to the admission of this state into the Union, (c) all revenues derived from the use of nonrenewable resources from school or state lands, other than those lands granted for other specific purposes, and (d) other revenues as appropriated by the legislature, shall be and remain a permanent fund, to be called the State School Fund, the interest of which only, shall be expended for the support of the public elementary and secondary schools.
(2) There is established a Uniform School Fund which shall consist of revenue from three sources: (a) interest from the State School Fund; (b) except as appropriated by the legislature for the State School Fund, revenues derived from the use of renewable resources from school or state lands, other than those granted for specific purposes;, and (c) other revenues which the legislature may appropriate. If the interest generated by the State School Fund exceeds the amount of interest required to fund the Uniform School Fund, as appropriated annually by the legislature, the excess shall pass through to the General Fund. The Uniform School Fund shall be maintained and used for the support of the state's public elementary and secondary schools and apportioned as the Legislature shall provide.
State School Fund - Interest Distributed
The proceeds of the sales of all lands that have been or may hereafter be granted by the United States to this state, for the support of the common schools, and five per centum of the net proceeds of the sales of United States public lands lying within the state and sold by the United States subsequent to the admission of this state into the Union, shall be and remain a permanent fund, to be called the State School Fund, the interest of which only, shall be expended for the support of the common schools. The interest on the State School Fund, the proceeds of all property that may accrue to the state by escheat or forfeiture, all unclaimed shares and dividends of any corporation incorporated under the laws of this state, the proceeds of the sales of timber, and the proceeds of the sale or other disposition of minerals or other property from school and state lands, other than those granted for specific purposes, shall, with such other revenues as the Legislature may from time to time allot thereto, constitute a fund to be known as the Uniform School Fund, which Uniform School Fund shall be maintained and used for the support of the common and public schools of the state and apportioned in such manner as the Legislature shall provide. The provisions of Section 7, Article XIII of this Constitution shall be construed as a limitation on the rate of taxation on tangible property for district school purposes and not on the amount of funds available therefor and, further, no moneys allocated to the Uniform School Fund shall be considered in fixing the rates of taxation specified in Section 7 of Article XIII.
State School Fund - Interest Distributed
The proceeds of all lands that have been or may be granted by the United States to this State, for the support of the common schools; the proceeds of all property that may accrue to the State by escheat or forfeiture; all unclaimed shares and dividends of any corporation incorporated under the laws of this State; the proceeds of the sale of timber, mineral or other property from school and State lands, other than those granted for specific purposes; and five per centum of the net proceeds of the sale of public lands lying within the State, which shall be sold by the United States subsequent to the admission of this State into the Union, shall be and remain a perpetual fund, to be called the State school fund, the interest of which only, shall be distributed among the several school districts according to the last preceding school census.
State School Fund - Interest Distributed
The proceeds of all lands that have been or may be granted by the United States to this State, for the support of the common schools; the proceeds of all property that may accrue to the State by escheat or forfeiture; all unclaimed shares and dividends of any corporation incorporated under the laws of this State; the proceeds of the sale of timber, mineral or other property from school and State lands, other than those granted for specific purposes; and five per centum of the net proceeds of the sale of public lands lying within the State, which shall be sold by the United States, subsequent to the admission of this state into the Union, shall be and remain a perpetual fund, to be called the State School Fund, the interest of which only, together with such other means as the Legislature may provide, shall be distributed among the several school districts according to the school population residing therein. Provided, that all funds derived from any State tax for high schools shall be apportioned among the several cities and school districts according to the attendance at the high schools therein; but no city or district shall be entitled to any part of the fund derived from the State tax for high schools unless the high school therein is maintained upon the standard and for the period during the year that may be fixed by the State Board of Education.
State School Fund - Interest Distributed
The proceeds of all lands that have been, or may be granted by the United States to this State, for the support of the common schools; the proceeds of all property that may accrue to the State by escheat or forfeiture; all unclaimed shares and dividends of any corporation unincorporated under the laws of this State; the proceeds of the sale of timber, minerals or other property from school and State lands, other than those granted for specific purposes; and the five per centum of the net proceeds of the sales of public lands lying within the State, which shall be sold by the United States, subsequent to the admission of this State into the Union, shall be and remain a perpetual fund, to be called the State School Fund, the interest of which only, together with such other means as the Legislature may provide, shall be distributed among the several school districts according to the school population to the school population residing therein.