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Session of 2000
          SENATE BILL No. 486           By Senators Hensley, Barone, Biggs, Downey, Feleciano, Gilstrap,           Gooch, Goodwin, Jones, Lee, Petty, Steineger and Stephens           1-25          

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