33-3301. NORMAL SCHOOL PERMANENT ENDOWMENT FUND. (1) There is established in the state treasury the normal school permanent endowment fund. This fund is perpetually appropriated for the beneficiaries of the endowment. 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 principal shall forever remain intact. The fund shall be a permanent fund and shall consist of the following:
(a) Proceeds of the sale of any of the lands granted to the state of Idaho by the United States government under the provisions of the Idaho Admission Bill, 26 Stat. L. 215, ch. 656, known as normal school endowment lands, and those granted in lieu of such;
(b) Proceeds of royalties arising from the extraction of minerals on normal endowment school lands owned by the state; and
(c) Moneys allocated from the normal school earnings reserve fund.
(2) Provided however, that proceeds from the sale of normal school endowment lands may be first deposited into the land bank fund established in section 58-133, Idaho Code, to be used to acquire other lands within the state for the benefit of endowment beneficiaries. If the land sale proceeds are not used to acquire other lands in accordance with section 58-133, Idaho Code, the proceeds shall be deposited into the normal school permanent endowment fund along with any earnings on the proceeds.
(3) Earnings from the investment of the normal school permanent endowment fund shall be distributed according to the provisions of section 57-723A, Idaho Code.
History:
[33-3301 added 1998, ch. 256, sec. 26, p. 836.]