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Senate Bill 0176


 

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Senate Bill 0176

ARCHIVE (2001)

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DIGEST OF SB 176 (Updated April 29, 2001 6:14 PM - DI 44)

Local rainy day funds. Allows a political subdivision to establish a rainy day fund. Provides that a rainy day fund established by a political subdivision consists of the unused and unencumbered balance that is: (1) remaining in a fund consisting of amounts raised by a general or special tax levy on all the taxable property of the political subdivision; and (2) transferred by the political subdivision to the political subdivision's rainy day fund. Limits the amount that may be transferred to the rainy day fund to not more than 10% of the political subdivision's budget for that fiscal year.
    Current Status:
     Law Enacted
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