33-2911A. SCIENTIFIC SCHOOL EARNINGS RESERVE FUND. (1) There is established in the state treasury the scientific school earnings reserve fund. 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 shall consist of the following:
(a) All earnings of the scientific school permanent endowment fund;
(b) Proceeds of the sale of timber on scientific school endowment lands;
(c) Proceeds of leases of scientific school lands;
(d) Proceeds of interest charged upon deferred payments on scientific school endowment lands or on timber on those lands; and
(e) All other proceeds received from the use of scientific school endowment lands and not otherwise designated for deposit in the scientific school permanent endowment fund.
(2) Moneys shall be distributed out of the scientific school earnings reserve fund only to support the beneficiaries of the scientific school endowment, including distributions by the state board of land commissioners to the scientific school permanent endowment fund and the scientific school income fund; provided, that funds shall not be appropriated by the legislature from the scientific school earnings reserve fund except to pay for administrative costs incurred managing the assets of the scientific school endowment including, but not limited to, real property and monetary assets.
History:
[33-2911A, added 1998, ch. 256, sec. 17, p. 833.]
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