Idaho State Statutes - Idaho Attorney Directory

(1) There is
established in the state treasury the scientific school 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 of the sale of lands granted to the state of Idaho by the
United States government under the provisions of the Idaho Admission Bill,
26 Stat. L. 215, ch. 656, known as scientific school endowment lands, and
those granted in lieu of such lands;
(b) Proceeds of royalties arising from the extraction of minerals on
scientific school endowment lands owned by the state;
(c) Moneys allocated from the scientific school earnings reserve fund.
(2) Proceeds from the sale of scientific school endowment lands may be
first deposited into the land bank fund established in section 58-133, Idaho
Code, to be used to acquire other lands within the state for the benefit of
beneficiaries of the scientific school endowment. If the land sale proceeds
are not used to acquire other lands in accordance with section 58-133, Idaho
Code, the proceeds shall be deposited into the scientific school permanent
endowment fund along with any earnings on the proceeds.
(3) Earnings from the investment of the scientific school permanent
endowment fund shall be distributed according to the provisions of section
57-723A, Idaho Code.

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