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ID H0544
Bill
AI Summary
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Creates the Higher Education Stabilization Fund in the state treasury consisting of three separate accounts.
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Establishes a Strategic Interest Account funded by interest earnings from unrestricted current fund 0650-00, with funds transferred annually on July 1 and distributed to institutions on a pro rata basis according to their deposits.
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Creates a Surplus Stabilization Account for colleges and universities named in section 33-3803, Idaho Code, funded through legislative transfers, appropriations, or other governmental sources, with distribution based on the state board of education's established allocation practices.
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Creates a separate Surplus Stabilization Account for Eastern Idaho Technical College, North Idaho College, College of Southern Idaho, and College of Western Idaho, funded through legislative appropriations and distributed according to established allocation practices for professional-technical education and community colleges.
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All interest earned from investments in the accounts shall be retained in their respective accounts, and all expenditures from all accounts are subject to legislative appropriation.
Legislative Description
Adds to existing law to create the Higher Education Stabilization Fund, to create the strategic interest account, to provide moneys for the strategic interest account, to create surplus stabilization accounts, to provide moneys for the surplus stabilization accounts and to provide that expenditures from such accounts shall be subject to legislative appropriation.
HIGHER EDUCATION STABILIZATION FUND
Last Action
Governor signed Session Law Chapter 69 Effective: 07/01/10
3/22/2010