20-9-601. Public school fund. The public school fund must be maintained by the state treasurer as a fund in the nonexpendable trust fund type, and the principal amount of the fund is irreducible and permanent. The following money must be credited to the fund as an addition to the irreducible and permanent principal amount:
     (1) appropriations and donations by the state;
     (2) donations and bequests by individuals to the state or schools;
     (3) the proceeds of land and other property that revert to the state by escheat and forfeiture;
     (4) the proceeds of all property granted to the state, when the purpose of the grant is not specified or is uncertain;
     (5) funds accumulated in the treasury of the state for the disbursement of which provision has not been made by law;
     (6) except as provided in 77-1-109, the proceeds of the sale of stone, materials, or other property from school lands other than those granted for specific purposes and all money other than rental recovered from persons trespassing on the lands;
     (7) the principal of all money arising from the sale of lands and other property that has been and may be granted to the state for the support of common schools;
     (8) except as provided in 77-1-109, the amount earmarked for deposit in this fund under the provisions of 20-9-341; and
     (9) other money as may be provided by the legislature.

     History: En. 75-7301 by Sec. 356, Ch. 5, L. 1971; R.C.M. 1947, 75-7301; amd. Sec. 16, Ch. 281, L. 1983; amd. Sec. 4, Ch. 14, Sp. L. January 1992; amd. Sec. 6, Ch. 122, L. 1999.