9-4-311. Carey Act revenue.
(a) The state treasurer shall create and maintain an account within the permanent land fund. He shall deposit in the account:
(i) All proceeds from the sale of lands acquired from the United States of America pursuant to Public Law 582, enacted by the United States congress August 13, 1954 (68 Stat. 703);
(ii) All royalties received from oil and gas and other minerals in the lands; and
(iii) All proceeds from the sale of any and all other materials in the lands which might not be classified as mineral.
(b) The income received from investments of the account shall be deposited by the state treasurer in the emergency water projects account as provided in W.S. 41-2-124(f), provided that anytime the unencumbered, unobligated balance in the emergency water projects account equals or exceeds ten million dollars ($10,000,000.00) the income received from investments shall be deposited in the general fund. All monies derived from rentals of the lands acquired under Public Law 582 (68 Stat. 703) and from timber sales therefrom shall be deposited by the state treasurer in the general fund, and shall be expended therefrom only upon appropriation.