15-1662. Universities; funds and accounts

A. The state treasurer shall maintain the following separate permanent funds and accounts:

1. Universities land fund established by section 37-522. Distributions from the fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from the lease, sale or other disposition of lands granted by the United States for the use and benefit of the universities shall be deposited in the universities land fund as provided in this section and section 37-522. Monies accruing to the universities under the laws of the United States pertaining to timber lands shall be deposited in the universities timber land account established by section 37-482, subsection B and may be used for the payment of expenditures which the state land department incurs for the conservation, sale and other administration of timber or timber products as provided in this section and sections 37-482 and 37-522.

2. Normal schools land fund established by section 37-523. Distributions from the fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from the lease, sale or other disposition of lands granted by the United States for the use and benefit of normal schools shall be deposited in the normal schools land fund as provided in this section and section 37-523.

3. Agricultural and mechanical colleges land fund established by section 37-524. Distributions from the fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from the lease, sale or other disposition of lands granted by the United States for the use and benefit of agricultural and mechanical colleges shall be deposited in the agricultural and mechanical colleges land fund as provided in this section and section 37-524.

4. School of mines land fund established by section 37-524. Distributions from the fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from the lease, sale or other disposition of lands granted by the United States for the use and benefit of schools of mines shall be deposited in the school of mines land fund as provided in this section and section 37-524.

5. Military institutes land fund established pursuant to section 37-525. Distributions from the fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from the lease, sale or other disposition of lands granted by the United States for the use and benefit of military institutes shall be deposited in the military institutes land fund as provided in this section and section 37-525.

B. The Arizona board of regents shall maintain a separate permanent fund to be known as the universities fund. All monies other than those specified in subsection A of this section which are derived from the lease, sale or other disposition of lands or property which are given by any person or by law as a trust fund to be administered by the board in conformity with the terms of the gift shall be deposited in the universities fund. Such monies shall be invested and administered as designated for the use of the universities except such monies as are appropriated for specific purposes from the general fund of this state for the use of the universities.

C. The state treasurer shall keep the monies of the land funds invested in safe interest bearing securities and prudent equity pursuant to article X, section 7, Constitution of Arizona, and as provided by sections 35-313 and 35-314.01, and monies earned from investment shall be credited to the funds.

D. Monies shall not be taken from one fund or deposited in any other fund nor shall any fund or the income from the fund be taken or expended for any object other than as provided by section 37-527 or as provided by the original gift or appropriation.