§ 43-21-180 — Portion of fund available for disbursement.

Funds deposited in the trust fund and all earnings from the investment of these funds, after allowances for operating expenses, are available for disbursement upon authorization of the department. However, in any year in which more than two hundred thousand dollars is deposited in the trust fund, twenty-five percent of the amount over two hundred thousand dollars and earnings from the investment of these funds must be placed in a separate account. When the assets of this separate account exceed five million dollars, no further deposits are required to be made to the separate account and all future earnings from the investment of the monies in this separate account also are available for distribution upon authorization of the department.

Legislative History

HISTORY: 1992 Act No. 501, Part II SECTION 62B, eff July 1, 1992; 1993 Act No. 181, SECTION 1029, eff July 1, 1993; 1995 Act No. 10, SECTION 1, eff March 7, 1995; 2008 Act No. 353, SECTION 2, Pt 25C, eff July 1, 2009. Code Commissioner's Note At the direction of the Code Commissioner, references to "Department on Aging" and "department" were substituted for "Division on Aging" and "division" to comply with amendments made by 2018 Act No. 261.