5-10-1. Assignment of receipts from leases, interest, and land sales to income and permanent funds.
149 words·~1 min read·
/sd/title-5/chapter-5-10/5-10-1A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The income from the leased lands of each class of school and public lands and the interest on the permanent fund of that class shall be assigned by the state treasurer to a fund to be known as the interest and income fund of such class. However, the income from any commercial lease made by the commissioner of school and public lands pursuant to SL 2017, ch 51, §§ 1 to 3, inclusive, as amended by SL 2018, ch 111, §§ 1 to 3, inclusive, shall be continuously appropriated to the endowed institution for use in maintaining the property and supporting the operations of the endowed institution.
The principal of money derived from the sale of each class of lands granted to the state for educational and charitable purposes shall be assigned by the state treasurer to a fund to be known as the permanent fund of such class.