Unlimited Sales Tax Receipts Pledge — State Controller Duties

TITLE 33 EDUCATION CHAPTER 53 IDAHO SCHOOL BOND GUARANTY ACT 33-5309. Unlimited sales tax receipts pledge — State controller duties. (1)  (a)  There is hereby created in the state treasury the public school guarantee fund. Moneys in the fund shall be used only for payment of debt service payments under the provisions of this chapter, repayment of borrowing undertaken under the provisions of this chapter, to repay state funds used to make debt service payments under the provisions of this chapter, or as provided in section 33-5308 , Idaho Code. Earnings of the public school guarantee fund shall be deposited into the general fund established by section 67-1205 , Idaho Code. If moneys expected to be intercepted under this chapter are projected to be insufficient to make a debt service payment pursuant to section 33-5308 , Idaho Code, to reimburse the state for its payments of school districts’ scheduled debt service payments or it is necessary for the state treasurer to borrow as provided in this chapter and amounts to be intercepted under this chapter are expected to be insufficient to timely pay the general obligation notes issued or other borrowing undertaken under section 33-5308 , Idaho Code, the state treasurer shall certify to and give notice to the state controller of the amount of the deficiency. (b)  After receipt of that certified notice from the state treasurer, the state controller shall cause moneys representing state sales tax receipts to be transferred from the general fund established by section 67-1205 , Idaho Code, and deposited in the public school guarantee fund in the amount of the deficiency certified by the state treasurer. (2)  To the extent that other legally available revenues and funds of the state are insufficient to meet the certified deficiency, the state tax commission shall transfer moneys from the sales tax account as set forth in section 63-3638 , Idaho Code.