7-6-2226. Metal mines tax reserve account. (1) The governing body of a county receiving tax collections under 15-37-117(1)(e) may establish a metal mines tax reserve account to be used to hold the collections. The governing body may hold money in the account for any time period considered appropriate by the governing body. Money held in the account may not be considered as cash balance for the purpose of reducing mill levies.
     (2) Money may be expended from the account for any purpose provided by law.
     (3) Money in the account must be invested as provided by law. Interest and income from the investment of the metal mines tax reserve account must be credited to the account.

     History: En. Sec. 17, Ch. 672, L. 1989; amd. Sec. 6, Ch. 577, L. 1995; amd. Sec. 2, Ch. 144, L. 1999.