Section 5-2-2.3 - Use of proceeds and interest from sale.
5-2-2.3. Use of proceeds and interest from sale. The proceeds and accumulated interest from sale of land under the Board of Regents pursuant to § 5-2-2.1 shall be used by the Board of Regents for acquisition of real and personal property or capital improvements subject to the approval of the Legislature. For purposes of this section, the definition of capital improvement contained in § 5-14-1 applies.
The proceeds of the sale of land under the Department of Corrections or the Department of Human Services pursuant to § 5-2-2.1 shall be expended in such manner as determined by the Legislature.
Source: SL 1976, ch 7, § 2; SL 1989, ch 20, § 54; SL 1989, ch 49, § 2; SL 1990, ch 30, § 19.