15-03 Investment of Funds
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<![CDATA[CHAPTER 15-03INVESTMENT OF FUNDS15-03-01. Permanent funds - State treasurer. All moneys belonging to the permanentfunds of the common schools and other public institutions derived from the sale of any of the<br>lands described in section 15-01-02 or from any other source must be paid over to the state<br>treasurer and are subject to the order of the board of university and school lands. Such moneys<br>must be paid over on the order of the board for investment as provided in this chapter whenever<br>the board requires the same.15-03-01.1. Creation of maintenance fund. There is created a special fund designatedas the state lands maintenance fund, which is funded by the trust fund assets under the control of<br>the board of university and school lands. All expenses paid out of the state lands maintenance<br>fund are subject to legislative appropriation.15-03-01.2. Payment of salaries and expenses from maintenance fund - Vouchersand warrants.All administrative salaries and operating expenses of the office of thecommissioner of university and school lands must be paid from the state lands maintenance fund<br>upon itemized vouchers in duplicate, approved by the commissioner, setting forth the accounts<br>covered, one copy to be retained in the commissioner's office and the other to be filed with the<br>office of management and budget, and warrants for the payment drawn by the office of<br>management and budget upon the fund.15-03-01.3. Apportionment of maintenance fund balances quarterly. Repealed byS.L. 2003, ch. 129, </p>
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