Section 16.642. Repayment to the general fund.

 

(1)  The secretary shall transfer from the tuition trust fund, the college savings program trust fund, the college savings program bank deposit trust fund, or the college savings program credit union deposit trust fund to the general fund an amount equal to the amount expended from the appropriations under s. 20.505 (9) (a) , 1995 stats., s. 20.585 (2) (a) , 2001 stats., and s. 20.585 (2) (am) , 2001 stats., when the secretary determines that funds in those trust funds are sufficient to make the transfer. The secretary may make the transfer in installments.

(2)  Annually, by June 1, the secretary shall submit a report to the joint committee on finance on the amount available for repayment under sub. (1) , the amount repaid under sub. (1) , and the outstanding balance under sub. (1) .

2001 a. 16 ; 2003 a. 33 ; 2005 a. 478 ; 2011 a. 32 s. 77 ; Stats. 2011 s. 16.642.