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SB21-283

Cash Fund Solvency

Concerning cash fund solvency, and, in connection therewith, creating the cash fund solvency fund to allow the state controller to transfer money to certain cash funds with anticipated cash deficits, which amounts will be later repaid, transferring money to the marijuana cash fund, and making and reducing an appropriation.
Session:
2021 Regular Session
Subject:
Fiscal Policy & Taxes
Bill Summary

Joint Budget Committee. Section 1 of the bill creates the cash fund solvency fund. The purpose of the fund is to allow the state controller to transfer money from the fund to another cash fund for which it is anticipated that there will be a cash deficit. Thereafter, the state controller is required to transfer the same amount of money from the cash fund back to the cash fund solvency fund in one or more installments, which may be over multiple fiscal years. The state controller is required to annually report to the joint budget committee and the office of state planning and budgeting about any transfers made.Section 2 requires the state treasurer to transfer $1,805,317 from the marijuana tax cash fund to the marijuana cash fund and $1,200,000 from the general fund to the marijuana cash fund. The first transfer repays the marijuana cash fund for a prior transfer and the second transfer partially repays the marijuana cash fund.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Status

Introduced
Passed
Became Law

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Bill Text

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