39-7,123. State individual assistance support trust fund; agreements with trusts; interest transfers; expenditures and administration; rules and regulations.
39-7,123
39-7,123. State individual assistance support trust fund; agreements withtrusts; interest transfers; expenditures and administration; rules andregulations.(a) As used in this section: "Individual assistance supporttrust" means a trust created by a not-for-profitcorporation which is a 501(c)(3) organization under the federal internalrevenue code of 1986 and which was organized for the purpose ofreceiving money pursuant to an agreement under this section.
(b) There is hereby established in the state treasury thestate individual assistance support trust fund.
(c) On or beforethe 10th of each month, the director of accounts and reports shall transferfrom the state general fund to the state individual assistance support trustfund interest earnings based on:
(1) The average daily balance ofmoneys in the state individual assistance support trust fund for thepreceding month; and
(2) the net earnings rate of the pooled moneyinvestment portfolio for the preceding month.
(d) The secretary of social and rehabilitation services may acceptmoneys from an individual assistance support trust for deposit in thestateindividual assistance support trust fund pursuant to an agreement with theindividual assistance support trust forpurposes of matching federal funds.The individual assistance support trust may retain 5% of any grant it receivesfor purposes of this section.The secretary shall deposit 10% of such moneys in the state general fund and 5%of such moneys shall be deposited in the state general fund and credited to thesocial welfare fund. The balance of such moneysshall be deposited in a separate account in thestate individual assistance support trust fund for each grant so received. Themoneys in each such accountshall be expended by the secretary, in accordance with rules and regulationsof the secretary, only for the purpose of matching federal fundsin accordance with the terms of the agreement. Interestearned on moneys in the trust fund and transferred to the trust fund undersubsection (c) shall be prorated in accordance withprocedures approved by the director of accounts and reports and creditedmonthly to each such account.
(e) If the secretary determines that the moneyscannot be used for the purpose of matching federal fundsin a manner consistent with the rules and regulations of thesecretary and the agreement, or upon the request of theindividual assistance support trust, the remaining moneys in such account,together with any accumulatedinterest thereon, shall be paid to the individual assistance support trustwhich deposited such moneys in the state individual assistance support trustfund.
(f) The secretary shall adopt rules and regulations and procedures asmay be necessary or useful for the administration of the trust fund. Allpayments and disbursements from the trust fund shall be made upon warrantsof the director of accounts and reports issued pursuant to vouchersapproved by the secretary or by a person designated by the secretary.
History: L. 1994, ch. 265, § 14;L. 1996, ch. 253, § 7; May 23.