Idaho State Statutes - Idaho Attorney Directory

(1) There is
established in the state treasury the agricultural college 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 agricultural college endowment 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;
(b) Proceeds of royalties arising from the extraction of minerals on
agricultural college endowment lands owned by the state;
(c) Moneys allocated from the agricultural college earnings reserve fund.
(2) Proceeds from the sale of agricultural college 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 agricultural college 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 agricultural college permanent
endowment fund along with any earnings on the proceeds.
(3) Earnings from the agricultural college permanent endowment fund shall
be distributed according to the provisions of section 57-723A, Idaho Code.

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