H.B. 2478 amends various statutes regarding the calculation of interest earnings on idle funds. The bill changes the earnings calculation on eight specific funds so that the certified interest rate would be equal to the net rate for the entire pooled money investment portfolio for the preceding month. The eight funds are:
1. Abandoned Oil and Gas Well Fund
2. Dry Cleaning Facility Release Trust Fund
3. Protection from Abuse Fund
4. Ad Astra Sculpture Fund
5. Kansas Endowment for Youth Fund
6. Kansas Endowment for Youth Trust Fund
7. Water Supply Storage Assurance Fund
8. Water Supply Storage Acquisition Financing Fund
(Under current law, interest earned on idle funds is deposited in the State General Fund unless there is a specific statute that allows the fund to retain any interest earnings. This proportionate interest calculation is based on the average daily balance in the selected fund multiplied by an interest rate that is certified by the Pooled Money Investment Board.)
The Senate Committee amended the bill to add the following fund to the bill, as requested by the Kansas Water Office: State Conservation Storage Water Supply Fund. The amendment also changes the earnings calculations to the new procedure for several other water programs under the Kansas Water Office.
H.B. 2478 was recommended by the Revisor of Statutes.
The House Committee recommended a substitute bill upon the advice of the Revisor of Statutes in order to reduce the length of printing after technical changes were made in the amended H.B. 2478.
The fiscal note on H.B. 2478 indicated that there is no fiscal impact associated with this bill.
1. *Supplemental notes are prepared by the Legislative Research Department and do not express legislative intent. The supplemental note and fiscal note for this bill may be accessed on the Internet at http://www.ink.org/public/legislative/fulltext-bill.html.