53C-3-101 - Land Grant Management Fund -- Contents -- Use of money.
53C-3-101. Land Grant Management Fund -- Contents -- Use of money.
(1) (a) There is created an enterprise fund known as the Land Grant Management Fund.
(b) This fund shall consist of:
(i) all revenues derived from trust lands except revenues from the sale of those lands;
(ii) all interest earned by the fund;
(iii) all revenues deposited in the fund in accordance with Subsection 41-22-19(3); and
(iv) all revenues obtained from other activities of the director or administration.
(2) The director may expend money:
(a) from the Land Grant Management Fund in accordance with the approved budget forthe support of director and administration activities; and
(b) deposited in the fund in accordance with Subsection 41-22-19(3) as necessary tofulfill the purposes of Subsection 41-22-19(3)(b).
(3) Except for revenues deposited under Subsection (1)(b)(iii), any amount in excess ofthat required to fund the budget shall be distributed to the various trust beneficiaries as of June30 of each calendar year, and at other times determined by the director, in shares equal to theportion of total Land Grant Management Fund revenues obtained from each beneficiary's landduring the accounting period.
(4) Money from the lease or rental of school trust lands or from the use, sale, or lease ofresources on school trust lands, all sums paid for fees, including grazing fees, and all forfeituresor penalties received in connection with those transactions shall be deposited in the PermanentState School Fund.
(5) Money from the lease or rental of lands acquired by the state for the benefit of aninstitution named in Sections 7, 8, and 12 of the Utah Enabling Act, or from the use, sale, orlease of renewable or nonrenewable resources on those lands, and all forfeitures or penaltiesreceived in connection with those transactions, shall be distributed to the institution.
(6) Except for revenues deposited under Subsection (1)(b)(iii), any remaining money,including interest earned on the account, shall be distributed in pro rata shares to the variousbeneficiaries.
Amended by Chapter 349, 2004 General Session