The State Purchasing Card Distributive Fund is created. All rebates received by the state from any purchasing card programs entered into by the State of Nebraska, except for rebates received from separate purchasing card programs entered into solely by the University of Nebraska, shall be credited to the fund. The fund may consist of purchasing card and travel card payments and deposits received from state agencies, boards, commissions, and political subdivisions, plus any rebate revenue received on behalf of the program by the accounting division of the Department of Administrative Services. The fund may be used for the purpose of coordinating and expediting payments to vendors related to any purchasing card programs administered by the accounting division and the required distribution of any rebate revenue, after covering expenses. The fund shall be administered by the Accounting Administrator. The accounting division shall deduct from the total program rebates of any state-sponsored purchasing card program an amount necessary to cover the full cost of operating the purchasing card program. After deducting the full cost of operating the purchasing card program from the total program rebates, with the exception of existing purchasing card programs, the remaining rebate funds shall be distributed on an annual basis by the Accounting Administrator based on a combination of volume performance and speed of pay performance among the following entities: (1) The University of Nebraska; (2) the accounting division, on behalf of the remainder of state government; and (3) any political subdivisions participating in any state-sponsored purchasing card program. The Accounting Administrator is authorized to distribute through the fund or through a vendor contractual agreement the remaining program rebates, after covering expenses. On a monthly basis the accounting division shall administratively transfer all interest earnings credited to the fund to the Accounting Division Revolving Fund within ten days after the end of each month. On an annual basis the accounting division shall administratively transfer from the fund to the Accounting Division Revolving Fund all rebate revenue to which the accounting division is entitled plus an amount necessary to cover the full cost of operating the purchasing card program. All costs of operating the purchasing card program shall be paid through the Accounting Division Revolving Fund.
Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.