amendment to eliminate or repeal property taxes is ratified.
(2) To augment the state combined reserves as provided in section 9 of this chapter.
Sec. 5. The expenses of administering the fund shall be paid from money in the fund.
Sec. 6. The treasurer of state shall invest money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the fund.
Sec. 7. Money in the fund at the end of a state fiscal year does not revert to the state general fund.
Sec. 8. On June 30 of each state fiscal year, the budget agency shall determine a fraction (expressed as a percentage) for which:
(1) the numerator is the balance of the state combined reserves; and
(2) the denominator is the sum of the total revenue deposited in the state general fund and the property tax replacement fund for the state fiscal year.
The budget agency shall forward this percentage to the auditor.
Sec. 9. If the percentage determined in section 8 of this chapter:
(1) is greater than seven percent (7%), the auditor shall transfer an amount equal to the difference between the percentage determined in section 8 of this chapter and seven percent (7%) from the state combined reserves to the property tax elimination fund; and
(2) is less than two percent (2%), the auditor shall transfer an amount equal to the difference between two percent (2%) and the percentage determined in section 8 of this chapter from the property tax elimination fund to the state combined reserves.".
Renumber all SECTIONS consecutively.
(Reference is to ESB 500 as printed April 3, 2007.)