20-9-341. Definition of interest and income money. - Montana Statutes

     20-9-341. Definition of interest and income money. (1) Subject to deductions made under 77-1-109, as used in this title, the term "interest and income money" means the total of the following revenue, as provided for by Article X, section 5, of the 1972 Montana constitution:
     (a) 95% of the interest received from the investment of the public school fund;
     (b) 95% of the interest received from the investment of any other school funds held in trust by the state board of land commissioners;
     (c) 95% of the income received from the leasing of or sale of timber from state school lands; and
     (d) 95% of any other income derived from any other covenant affecting the use of state school lands.
     (2) The remaining 5% of the revenue described in subsections (1)(a) through (1)(d) must be annually credited to the public school fund after any deductions made under 77-1-109.

     History: En. 75-6907 by Sec. 257, Ch. 5, L. 1971; amd. Sec. 9, Ch. 137, L. 1973; R.C.M. 1947, 75-6907; amd. Sec. 3, Ch. 14, Sp. L. January 1992; amd. Sec. 113, Ch. 42, L. 1997; amd. Sec. 5, Ch. 122, L. 1999; amd. Sec. 4, Ch. 465, L. 2009.