TITLE 33

EDUCATION

CHAPTER 33

NORMAL SCHOOLS — FEDERAL EDUCATIONAL AID

33-3301A.  Normal school earnings reserve fund. (1) There is established in the state treasury the normal 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 normal school permanent endowment fund;

(b)  Proceeds of the sale of timber growing on normal school endowment lands;

(c)  Proceeds of leases of normal school endowment lands;

(d)  Proceeds of interest upon deferred payments on normal school endowment lands or timber on those lands; and

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

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

History:

[33-3301A, added 1998, ch. 256, sec. 27, p. 836.]