§ 42-116-31. Special revenue fund.
(a) There is created a special revenue fund. Commencing July 1, 1991, one half of one
percent (0.5%) and an additional one-tenth of one percent (0.1%) as of February 1,
1992, for a total of six-tenths of one percent (0.6%) as of February 1, 1992, which
is appropriated for the fiscal year ending June 30, 1992, within the existing sales
and use tax rate established in §§ 44-18-18 and 44-18-20 will be dedicated to the special revenue fund; provided, the six-tenths of one percent
(0.6%) dedicated to the special revenue fund shall not apply to any receipts resulting
from any expansion of the coverage of the sales and use taxes through legislation
enacted subsequent to February 1, 1992.
(b) For the purposes of this section, the revenue estimating conference, in consultation
with the tax administrator, shall determine conclusively and annually no later than
June 1 of each year for the succeeding fiscal year the amount of receipts to result
from the expansion of the coverage of the sales and use taxes. The proceeds for the
fund shall be utilized to pay the debt service of the corporation and otherwise effectuate
the purposes of the corporation, including, without limitation, the payment of operating
expenses. The portion of the fund not required in the fiscal year, commencing on July
1, 1995, (but not to exceed fourteen million five hundred thousand dollars ($14,500,000)
in the fiscal year commencing on July 1, 1996, (but not to exceed fifteen million
eight hundred thousand dollars ($15,800,000) in the fiscal year commencing on July
1, 1997, (but not to exceed fifteen million dollars ($15,000,000) in the fiscal year
commencing on July 1, 1999, (but not to exceed twelve million two hundred thousand
dollars ($12,200,000)), to effectuate the purposes of the corporation, to pay principal
and interest becoming due on any special obligation bonds secured by the special revenue
fund or to be deposited into any debt service fund or other fund established in connection
with the issuance of any special obligation bonds for those purposes shall be returned
to the state. Any of these funds returned to the state shall be recorded on an accrual
basis. The portion of the fund not required in any fiscal year commencing on or after
July 1, 1997, to effectuate the purposes of the corporation, to pay principal and
interest becoming due on any special obligation bonds secured by the special revenue
fund or to be deposited into any debt service fund or other fund established in connection
with the issuance of any special obligation bonds for these purposes shall be used
to pay the loan obligations or bond indebtedness of the corporation. It is the intent
of the general assembly to appropriate, from time to time, amounts to the special
revenue fund not less in any fiscal year than the amount of the principal and interest
becoming due on any special obligation bonds secured by the special revenue fund in
that fiscal year or the amount required to be deposited into any debt service fund
or other fund established in connection with the issuance of any special obligation
bonds for those purposes.