As Amended
SEC. 21-33-401. Municipal revolving fund.
(1) There is hereby created a fund designated as the "municipal revolving fund."
(2) The municipal revolving fund shall be created in the following manner:
(a) At the end of each state fiscal year, the state fiscal management board, the state auditor of public accounts and the state treasurer shall determine the extent of the surplus existing in the general fund in the state treasury. Said surplus, as hereinafter defined, but not to exceed the sum of seven hundred fifty thousand dollars ($750,000.00) shall be set aside annually for the benefit of the municipalities of the state.
(b) The term "surplus," as used above, means the amount in the general fund only, after deducting all appropriations. However, if a state agency has been authorized to exceed its budget during the fiscal year, such excess shall be subtracted from the so-called surplus in the general fund before determining the amount available for distribution.
(c) It shall be the duty of the state fiscal management board each year to make the final determination as to the amount of money available for the municipalities, which shall not exceed seven hundred fifty thousand dollars ($750,000.00) but which may, if necessary, be less than seven hundred fifty thousand dollars ($750,000.00).
(d) If a surplus is available under the terms of this section, the distribution shall be made each year by the state auditor of public accounts during the month of October.
(e) Any available surplus shall be distributed annually to all municipalities on a population basis, using the latest federal census in computations, taking into consideration the entire population of each municipality in the state, and taking into consideration municipalities which have been incorporated since the last federal census, or will be incorporated prior to the next federal census, in which case the population shall be the official count used in procuring the charter of incorporation, and also taking into consideration any county seat which is not an incorporated municipality as though the county seat were an incorporated municipality. In making distribution to an unincorporated county seat, however, the funds computed to be due such county seat shall be paid to the county treasury wherein such county seat is located.
Funds made available to municipalities under the provisions of this section may be used for any lawful municipal purpose, except that where funds are made available by reason of the location of an unincorporated county seat in any county, the board of supervisors in that county shall use the funds for road, bridge and street construction or maintenance.
(3) The periodical, annual surplus, referred to in this section, when determined, as to amount and availability, shall be set aside by the state treasurer in a special fund to be known as the "municipal revolving fund." Such transfer shall not be made until after August 31st of each year, and it shall not be made until the state treasurer has received a certificate in writing from the state fiscal management board and signed by the governor, showing the amount available. Upon the setting aside of any such sum constituting the "municipal revolving fund" in the state treasury, the distribution thereof under this section shall be made by the state auditor of public accounts by warrants drawn on the state treasurer payable from the "municipal revolving fund."
(4) From and after July 1, 1986, any transfer or distribution under this section shall be made by the state fiscal management board in lieu of the state auditor. The state fiscal management board shall immediately send notice of any such distribution to the legislative budget office.
SOURCES: Codes, 1942, Sec. 3742-51; Laws, 1958, ch. 528, Secs. 1-4; 1970, ch. 497, Sec. 1; 1984, ch. 488, Sec. 165, eff from and after July 1, 1984.