20-9-341. Definition of interest and income money. (1) As used in this title, the term "interest and income money" means the total of the following revenue, as provided for by Article X, section 5, of the 1972 Montana constitution:
     (a) 95% of the interest received from the investment of the public school fund;
     (b) 95% of the interest received from the investment of any other school funds held in trust by the state board of land commissioners;
     (c) 95% of the income received from the leasing of or sale of timber from state school lands after any deductions that may be made under the provisions of Title 77, chapter 1, part 6; and
     (d) 95% of any other income derived from any other covenant affecting the use of state school lands.
     (2) The remaining 5% of the revenue described in subsections (1)(a) through (1)(d) must be annually credited to the public school fund.

     History: En. 75-6907 by Sec. 257, Ch. 5, L. 1971; amd. Sec. 9, Ch. 137, L. 1973; R.C.M. 1947, 75-6907; amd. Sec. 3, Ch. 14, Sp. L. January 1992; amd. Sec. 113, Ch. 42, L. 1997.