Montana Code 20-9-620. Definition
Current as of: 2023 | Check for updates
|
Other versions
20-9-620. Definition. (1) As used in 20-9-621, 20-9-622, and this section, “distributable revenue” means, except for that portion of revenue described in 20-9-516(2)(a) and 77-1-109, 95% of all revenue from the management of school trust lands and the permanent fund, including timber sale proceeds, lease fees, interest, dividends, and net realized capital gains.
Terms Used In Montana Code 20-9-620
- fund: means a separate detailed account of receipts and expenditures for a specific purpose as authorized by law or by the superintendent of public instruction under the provisions of subsection (2). See Montana Code 20-9-201
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- school: means an institution for the teaching of children that is established and maintained under the laws of the state of Montana at public expense. See Montana Code 20-6-501
(2)The term does not include mineral royalties or land sale proceeds that are deposited directly in the permanent fund or net unrealized capital gains that remain in the permanent fund until realized.