77-1-228. Public land trust acquisition account. (1) There is a public land trust acquisition account in the state special revenue fund established in 17-2-102. Any funds recovered by the state as a result of the claim that PPL Montana, LLC, owes compensation to the state for using state-owned riverbeds from 2000 through 2007 and any interest that accumulates on the funds must be deposited in the account. The account must be administered by the department and is subject to the provisions of Article X, section 11, of the Montana constitution.

(2) Money deposited in the account pursuant to subsection (1) may be used only for costs associated with evaluating potential purchases and for the purpose of purchasing interests in and appurtenances to real property in accordance with 77-1-229. Any interest earned on money deposited in the account must be deposited in the guarantee account provided for in 20-9-622 for distribution to public schools on a monthly basis.