Sec. 4. Restriction in use of revenues. All money, stocks, bonds, lands and other property belonging to a county school fund, except such moneys and property as may be provided by law for current use in aid of public schools, shall belong to and be invested by the several counties as a county public school fund, in such manner as the legislature shall by law provide, the income of which shall be appropriated exclusively to the use and support of free public schools in the several counties of the state.
This section was amended by a resolution adopted by the 1969 legislature, ratified by a vote of the people at the general election held on November 3, 1970, and proclaimed in effect on December 3, 1970.
Sec. 5. Fines and penalties to belong to public school fund. All fines and penalties under general laws of the state shall belong to the public school fund of the respective counties and be paid over to the custodians of such funds for the current support of the public schools therein.
Sec. 6. State to keep school funds; investment. All funds belonging to the state for public school purposes, the interest and income of which only are to be used, shall be deemed trust funds in the care of the state, which shall keep them for the exclusive benefit of the public schools. The legislature shall provide by law for the investment of such trust funds.
This section was amended by a resolution adopted by the 1915 and 1969 legislatures. The latest amendment was ratified by a vote of the people at the general election held on November 3, 1970, and proclaimed in effect on December 3, 1970.
Sec. 7. Application of school funds. The income arising from the funds mentioned in the preceding section, together with all the rents of the unsold school lands and such other means as the legislature may provide, shall be exclusively applied to the support of free schools in every county in the state.
Sec. 8. Distribution of school funds. Provision shall be made by general law for the equitable allocation of such income among all school districts in the state. But no appropriation shall be made from said fund to any district for the year in which a school has not been maintained for at least three (3) months; nor shall any portion of any public school fund ever be used to support or assist any private school, or any school, academy, seminary, college or other institution of learning controlled by any church or sectarian organization or religious denomination whatsoever.
This section was amended by a resolution adopted by the 1978 legislature, ratified by a vote of the people at the general election held on November 7, 1978, and proclaimed in effect on November 25, 1978.
