37-482. Contracts for sale of timber; limitations; universities timber land account; composition; use

A. No contract for the sale of timber shall exceed a term of five years nor shall more than fifty million feet of timber be sold to any one person at one sale, nor shall any sale be made or contract entered into with any person while such person has under sale or contract more than five million feet of timber sold under the provisions of this title.

B. There is established a universities timber land account within the universities land fund established pursuant to section 15-1662. The account shall be administered by the state land commissioner. The proceeds that accrue through the sale of timber or timber products from lands granted or given for university purposes shall be deposited into the universities timber land account and are continuously appropriated to the state land department for the payment of expenditures incurred for the conservation, sale and other administration of timber or timber products. The state land department shall transfer to the universities land fund any monies in the account that the state land commissioner determines are not necessary for the conservation, sale and other administration of timber or timber products. The state land department shall report the projected account activity and distributions in their normal budget submitted pursuant to section 35-113. On notice from the state land department, the state treasurer shall invest and divest monies in the universities timber land account as provided by section 35-313, and monies earned from investments shall be credited to the universities timber land account.