(1) There is established in the state treasury the university permanent endowment fund. This fund is perpetually appropriated for the beneficiaries of the endowment. 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 principal shall forever remain intact. The fund shall be a permanent fund and shall consist of the following:
(a) Proceeds from the sale of any lands granted to the state of Idaho by the United States government for university purposes under the provisions of the act of congress of February 18, 1881, entitled "An act to grant lands to Dakota, Montana, Arizona, Idaho and Wyoming for university purposes," as amended by the Idaho Admission Bill 26 Stat. L. 215, ch. 656, and lands granted in lieu of university lands;
(b) Proceeds of royalties arising from the extraction of minerals on university endowment lands owned by the state;
(c) Moneys allocated from the university earnings reserve fund.
Terms Used In Idaho Code 33-2909
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(2) Proceeds from the sale of university endowment lands may be first deposited into the land bank fund established in section 58-133, Idaho Code, for the benefit of endowment beneficiaries. If the proceeds from the sale of land are not used to acquire other lands in accordance with section 58-133, Idaho Code, the land sale proceeds shall be deposited into the university permanent endowment fund along with any earnings on the proceeds.
(3) Earnings from the investment of the university permanent endowment fund shall be distributed according to the provisions of section 57-723A, Idaho Code.