57-723A. DEPOSIT AND DISTRIBUTION OF EARNINGS RESERVE FUNDS — INCOME FUNDS — ADMINISTRATIVE COSTS. (1) As directed by the state board of land commissioners, the investment board shall distribute the earnings from the investments or securities in accordance with this act and the laws governing the respective endowment funds. Earnings from the investment of permanent endowment funds related to state land grants shall be deposited into each endowment’s respective earnings reserve fund for distribution as provided in this section.
(2) At least annually, the state board of land commissioners shall distribute moneys constituting earnings reserve funds, in excess of the amount necessary to pay administrative costs, to the income funds of the respective endowments, to each endowment’s respective permanent endowment fund or maintained as a free fund balance in the earnings reserve funds, in amounts to be determined by the state board of land commissioners.
(3) Moneys in the earnings reserve funds shall be available for appropriation by the legislature to pay for administrative costs incurred managing the assets of the endowments including, but not limited to, real property and monetary assets.
History:
[57-723A, added 1998, ch. 256, sec. 40, p. 840.]