210.173. Trust fund established--investment--disbursement, limitation, exception--exempt from transfer to general revenue. - Missouri Statutes

Trust fund established--investment--disbursement, limitation,exception--exempt from transfer to general revenue.

210.173. 1. There is established in the state treasury a special trustfund, to be known as the "Children's Trust Fund". The state treasurer shallcredit to and deposit in the children's trust fund all amounts received undersection 143.1000, RSMo, and any other amounts which may be received fromgrants, gifts, bequests, the federal government, or other sources granted orgiven for this specific purpose.

2. The state treasurer shall invest moneys in the children's trust fundin the same manner as surplus state funds are invested pursuant to section30.260, RSMo. All earnings resulting from the investment of moneys in thechildren's trust fund shall be credited to the children's trust fund.

3. Until the amount in the children's trust fund exceeds one milliondollars, not more than one-half of the money deposited in the children's trustfund each year from contributions made under section 143.1000, RSMo, plus allearnings from the investment of moneys in the trust fund credited during theprevious fiscal year, shall be available for disbursement by the board inaccordance with sections 210.170 to 210.173 and section 143.1000, RSMo. Whenthe state treasurer certifies that the assets in the children's trust fundexceed one million dollars, then, from that time on, all credited earningsplus all future annual deposits to the fund from contributions made undersection 143.1000, RSMo, shall be available for disbursement by the boardwithin the limits of appropriations and for the purposes provided by sections210.170 to 210.173 and section 143.1000, RSMo. The general assembly mayappropriate moneys annually from the children's trust fund to the departmentof revenue to pay the costs incurred for collecting and transferring fundsunder section 143.1000, RSMo, and to the office of administration to pay theexpenses incurred by the office of administration for budgetary, procurement,accounting, and other related management functions performed by it and to paythe expenses of members of the board and the salary of the executive director.

4. Except as provided in subsection 5 of this section, fundsappropriated by the general assembly from the children's trust fund shall onlybe used by the board for purposes authorized under sections 210.170 to 210.173and section 143.1000, RSMo, and shall not be used to supplant any existingprogram or service.

5. Funds received from gifts, bequests, contributions other thancontributions made pursuant to section 143.1000, RSMo, grants, and federalfunds may be used and expended by the board for such purposes as may bespecified in any requirements, terms or conditions attached thereto or, in theabsence of any specific requirements, terms or conditions, as the board maydetermine for any lawful purpose.

6. The provisions of section 33.080, RSMo, requiring all unexpendedbalances remaining in various state funds to be transferred and placed to thecredit of the ordinary revenue fund of this state at the end of each biennium,shall not apply to the children's trust fund.

(L. 1983 H.B. 550 § 4, A.L. 1987 S.B. 308)

Effective 6-19-87

CROSS REFERENCE:

Designation of a portion of income tax refund to children's trust fund, RSMo 143.1000