Bill No.: HB0278                  Drafter:  DKG

LSO No.:  07LSO-0617              Effective Date:  7/1/2007

Enrolled Act No.:  HEA0126

Chapter No.:       CHVETO

Prime Sponsor:     Representative Harshman

Catch Title:       School capital construction reserve account.

Subject:  Distribution of specified federal mineral royalties.

Summary/Major Elements:

· This act redistributed federal mineral royalties from the school foundation program account to the common school account within the permanent land fund.

· The diversion would not occur until the Hathaway and excellence in higher education endowments were funded as provided in current law and would not occur unless there was a balance of $100 million in the school foundation program account at the end of the pertinent fiscal year.

Comments: The governor vetoed this act.  The veto message stated in part that the funds would be unavailable for school funding needs in the future, including school capital construction.  The message also stated that the same movement of funds is accomplished by the budget bill for the current biennium.