§ 29-9-5 — Withdrawals from Education Trust Fund Budget Stabilization Fund

Amounts in the Education Trust Fund Budget Stabilization Fund may be withdrawn only to prevent proration in the Education Trust Fund. The Governor must certify to the state Comptroller and notify the Legislature that proration would occur in the Education Trust Fund before funds may be withdrawn to prevent proration. Following the certification and notification by the Governor, withdrawals may be made from the Education Trust Fund Budget Stabilization Fund to prevent proration; however, the withdrawals shall be limited to the amount of the anticipated proration and funds allotted only to the extent necessary to avoid proration of appropriations from the Education Trust Fund. Any funds withdrawn from the Budget Stabilization Fund in excess of the amount necessary to avoid proration shall be transferred back to the Budget Stabilization Fund within 30 days after the end of the fiscal year in which withdrawals are made.

Legislative History

(Act 2011-3, p. 90, §5; Act 2015-538, 2nd Sp. Sess., p. 1924, §1; Act 2018-544, §1; Act 2023-390, §1.)