15-1662

15-1662. Universities; funds and
accounts

A. The state treasurer shall maintain the following separate permanent funds and
accounts:

1. Universities land fund established by section 37-522. Distributions from the
fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from
the lease, sale or other disposition of lands granted by the United States for the use
and benefit of the universities shall be deposited in the universities land fund as
provided in this section and section 37-522. Monies accruing to the universities under
the laws of the United States pertaining to timber lands shall be deposited in the
universities timber land account established by section 37-482, subsection B and may be
used for the payment of expenditures which the state land department incurs for the
conservation, sale and other administration of timber or timber products as provided in
this section and sections 37-482 and 37-522.

2. Normal schools land fund established by section 37-523. Distributions from the
fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from
the lease, sale or other disposition of lands granted by the United States for the use
and benefit of normal schools shall be deposited in the normal schools land fund as
provided in this section and section 37-523.

3. Agricultural and mechanical colleges land fund established by section
37-524. Distributions from the fund pursuant to article X, section 7, Constitution of
Arizona, and monies derived from the lease, sale or other disposition of lands granted by
the United States for the use and benefit of agricultural and mechanical colleges shall
be deposited in the agricultural and mechanical colleges land fund as provided in this
section and section 37-524.

4. School of mines land fund established by section 37-524. Distributions from the
fund pursuant to article X, section 7, Constitution of Arizona, and monies derived from
the lease, sale or other disposition of lands granted by the United States for the use
and benefit of schools of mines shall be deposited in the school of mines land fund as
provided in this section and section 37-524.

5. Military institutes land fund established pursuant to section 37-525.
Distributions from the fund pursuant to article X, section 7, Constitution of Arizona,
and monies derived from the lease, sale or other disposition of lands granted by the
United States for the use and benefit of military institutes shall be deposited in the
military institutes land fund as provided in this section and section 37-525.

B. The Arizona board of regents shall maintain a separate permanent fund to be
known as the universities fund. All monies other than those specified in subsection A of
this section which are derived from the lease, sale or other disposition of lands or
property which are given by any person or by law as a trust fund to be administered by
the board in conformity with the terms of the gift shall be deposited in the universities
fund. Such monies shall be invested and administered as designated for the use of the
universities except such monies as are appropriated for specific purposes from the
general fund of this state for the use of the universities.

C. The state treasurer shall keep the monies of the land funds invested in safe
interest bearing securities and prudent equity pursuant to article X, section 7,
Constitution of Arizona, and as provided by sections 35-313 and 35-314.01, and monies
earned from investment shall be credited to the funds.

D. Monies shall not be taken from one fund or deposited in any other fund nor shall
any fund or the income from the fund be taken or expended for any object other than as
provided by section 37-527 or as provided by the original gift or appropriation.