Idaho State Statutes - Idaho Attorney Directory

(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.
(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.

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