33-2913A. AGRICULTURAL COLLEGE EARNINGS RESERVE FUND. (1) There is established in the state treasury the agricultural college earnings reserve fund. The fund shall be managed and invested by the endowment fund investment board according to law and the policies established by the state board of land commissioners. The fund shall consist of the following:
(a) All earnings of the agricultural college permanent endowment fund;
(b) Proceeds of the sale of timber growing on agricultural college endowment lands;
(c) Proceeds of leases of agricultural college endowment lands;
(d) Proceeds of interest charged upon deferred payments on agricultural college endowment lands or on timber on those lands; and
(e) All other proceeds received from the use of agricultural college endowment lands and not otherwise designated for deposit in the agricultural college permanent endowment fund.
(2) Moneys shall be distributed out of the agricultural college earnings reserve fund only to support the beneficiaries of the agricultural college endowment, including distributions by the state board of land commissioners to the agricultural college permanent endowment fund and the agricultural college income fund; provided, that funds shall not be appropriated by the legislature from the agricultural college earnings reserve fund except to pay for administrative costs incurred managing the assets of the agricultural college endowment including, but not limited to, real property and monetary assets.
History:
[33-2913A, added 1998, ch. 256, sec. 22, p. 835.]