620.1001. Small business development fund created--distribution--lapse into general revenue prohibited, exception--interest and income to be credited to fund.
Small business development fund created--distribution--lapse intogeneral revenue prohibited, exception--interest and income to becredited to fund.
620.1001. 1. There is hereby established in the statetreasury a special trust fund to be known as the "MissouriSmall Business Development Centers Fund", which shallconsist of all moneys which may be appropriated to it by thegeneral assembly, and in addition may include any gifts,contributions, grants or bequests received from federal,state, private or other sources.
2. The department may authorize the state treasurer tomake payments from the fund to the host entity to bedistributed within the Missouri small business developmentcenters program. Payments made under sections 620.1000 to620.1007 to the host entity for the Missouri small businessdevelopment centers program shall be distributed on amatching basis to other small business development centersin this state.
3. Whenever the general assembly has appropriatedmoneys to be used for making payments as authorized insections 620.1000 to 620.1007, the department shall enterinto a financial agreement with the host entity for theamount of moneys available from the fund. The departmentshall notify the state treasurer to disburse payment to thehost entity from the fund upon completion of the financialagreement. Any portion of any state or local moneysallocated under sections 620.1000 to 620.1007 may be used toqualify for matching federal moneys.
4. The director shall have administrative control ofthe moneys from the fund and all moneys from the fund shallbe used exclusively for the purpose of sections 620.1000 to620.1007. The host entity shall provide controls to ensureproper distribution of the moneys from the fund.
5. Any moneys remaining in the fund at the end of anyfiscal year shall not lapse to the general revenue fund, asprovided in section 33.080, RSMo, but shall remain in thefund. The state treasurer shall invest moneys of the fundwhich are not needed to meet current obligations in the samemanner as other state moneys may be invested. All yield,interest, income, increment and gain received from theinvestment of moneys of the fund shall be credited to thefund. If the fund is ever abolished, all moneys in the fundon the effective date of its abolition shall lapse to thegeneral revenue fund of the state.
(L. 1992 S.B. 661 & 620 § 2)