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Session of 2000
          HOUSE BILL No. 2730           By Committee on Appropriations           1-27          

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  9             AN  ACT establishing the state debt reduction fund; providing for trans-
10             fers of budget surpluses thereto.
11      
12       Be it enacted by the Legislature of the State of Kansas:
13             Section  1. (a) In any year in which the sum of the amount by which
14       the actual general fund receipts for the fiscal year ending in such year
15       exceeds the original joint estimate of revenue to the state general fund
16       for that fiscal year prepared pursuant to K.S.A. 75-6701, and amendments
17       thereto, as adjusted for legislative changes during May of such calendar
18       year, by more than $50,000,000, 50% of such amount shall be transferred
19       from the state general fund to the state debt reduction fund.
20             (b) There is hereby established in the state treasury the state debt
21       reduction fund which shall be administered by the state treasurer. All
22       expenditures from the state debt reduction fund shall be for the purpose
23       of providing funding for retirement or defeasement of bonds issued for
24       programs and capital improvement projects for state agencies which
25       bonds become defeasible or callable during the fiscal year for which the
26       fund is appropriated or to otherwise offset outstanding state debt to be
27       retired from payments from the state general fund. Such expenditures
28       shall be made by the state treasurer in consultation with the Kansas de-
29       velopment finance authority upon warrants of the director of accounts
30       and reports issued pursuant to vouchers approved by the state treasurer
31       or the treasurer's designee.
32             (c) On or before the 10th day of each month, the director of accounts
33       and reports shall transfer from the state general fund to the state debt
34       reduction fund interest earnings based on: (1) The average daily balance
35       of moneys in the state debt reduction fund for the preceding month; and
36       (2) the net earnings rate of the pooled money investment portfolio for
37       the preceding month.
38        Sec.  2. This act shall take effect and be in force from and after its
39       publication in the statute book.