64-2.1 - Maximum Amount Available in a County During a Fiscal Year

64-2.1. Maximum Amount Available in a County During a Fiscal Year

A. In order to comply with the provisions of Section 31-13-445 of the 1976 Code, the board at its first meeting during any fiscal year shall make a determination of the amount of Trust Fund monies available for expenditure during such fiscal year.

B. The Board shall determine the amount of Trust Fund monies available for expenditure during a fiscal year by adding to the uncommitted balance remaining in the Fund at the end of the previous fiscal year an amount equal to the revenues paid into the Fund pursuant to Section 12-21-380 of the 1976 Code during the previous fiscal year.

C. The amount of money expended or committed for expenditure during any fiscal year for projects located in any county of the State may not exceed twenty (20%) per cent of the Trust Fund monies determined pursuant to the preceding paragraph to be available for expenditure during such fiscal year.

(Added by State Register Volume 18, Issue No. 4, eff April 22, 1994.)

Statutory Authority: 1976 Code Section 31-13-440

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