§ 3. Fund income apportioned among schools--Apportionment of fines. The interest and income of this fund together with all other sums which may be added thereto by law, shall be faithfully used and applied each year for the benefit of the public schools of the state, and shall be for this purpose apportioned among and between all the several public school corporations of the state in proportion to the number of children in each, of school age, as may be fixed by law; and no part of the fund, either principal or interest, shall ever be diverted, by legislative enactment, even temporarily, from this purpose or used for any other purpose whatever than the maintenance of public schools for the equal benefit of all the people of the state. However, before the interest and income is apportioned to the public schools, the principal shall be increased each year by an amount equal to the rate of inflation from the interest and income earned from this fund. The principal may be prudently invested as provided by law.
The proceeds of all fines collected from violations of state laws shall be paid to the county treasurer of the county in which the fine was imposed, and distributed by the county treasurer among and between all of the several public schools incorporated in such county in proportion to the number of children in each, of school age, as may be fixed by law.
History: Amendment proposed by SL 1929, ch 84, approved Nov., 1930; amendment proposed by SL 1941, ch 321, rejected Nov., 1942; amendment proposed by SL 1970, ch 5, rejected Nov. 3, 1970; amendment proposed by SL 1975, ch 4, rejected Nov. 2, 1976; amendment proposed by SL 1982, ch 4, approved Nov. 2, 1982; amendment proposed by SL 1998, ch 3, rejected Nov. 3, 1998; amendment proposed by SL 2000, ch 1, § 3, approved Nov. 7, 2000.