66-1104. CHARITABLE INSTITUTIONS EARNINGS RESERVE FUND. (1) There is established in the state treasury the charitable institutions 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) Earnings of the charitable institutions permanent endowment fund;

(b) Proceeds from the sale of timber growing upon charitable institutions endowment lands;

(c) Proceeds of leases of charitable institutions endowment lands;

(d) Proceeds of interest charged upon deferred payments on charitable institutions endowment lands or timber on those lands; and

(e) All other proceeds received from the use of charitable institutions endowment lands and not otherwise designated for deposit in the charitable institutions permanent endowment fund.

(2) Moneys shall be distributed out of the charitable institutions earnings reserve fund only to support the beneficiaries of the charitable institutions endowment, including distributions by the state board of land commissioners to the charitable institutions permanent endowment fund and the charitable institutions income fund; provided, that funds shall not be appropriated by the legislature from the charitable institutions earnings reserve fund except to pay for administrative costs incurred managing the assets of the charitable institutions endowment including, but not limited to, real property and monetary assets.

History:

[66-1104 added 1998, ch. 256, sec. 57, p. 848.]