Page:United States Statutes at Large Volume 121.djvu/747

 121 STAT. 726

PUBLIC LAW 110–77—AUG. 13, 2007

Public Law 110–77 110th Congress An Act Aug. 13, 2007 [H.R. 3006]

To improve the use of a grant of a parcel of land to the State of Idaho for use as an agricultural college, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. AGRICULTURAL COLLEGE LAND GRANT.

(a) IN GENERAL.—Section 10 of the Act of July 3, 1890 (26 Stat. 215, chapter 656) is amended— (1) by inserting ‘‘(a)’’ after ‘‘SEC. 10.’’; and (2) by adding at the end the following: ‘‘(b) Notwithstanding sections 3 through 5 of the Act of July 2, 1862 (commonly known as the ‘First Morrill Act’) (7 U.S.C. 303 et seq.), the State of Idaho may— ‘‘(1) invest and manage earnings and proceeds derived from land granted to the State of Idaho pursuant to subsection (a), in accordance with the standards applicable to a trustee under Idaho law; ‘‘(2) deduct from earnings and proceeds generated from granted land any expenses that a trustee is authorized to deduct pursuant to Idaho law; and ‘‘(3) use earnings and proceeds generated by the granted land for any uses and purposes described in that Act (7 U.S.C. 301 et seq.) without regard to the limitations set out in section 5 of that Act (7 U.S.C. 305) that prohibit the State from exceeding 10 per centum on the purchase of land and prohibit the State from purchasing, erecting, preserving, or repairing of any building or buildings.’’. (b) EFFECTIVE DATE.—The amendments made by subsection (a) shall take effect on October 27, 1998. Approved August 13, 2007.

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LEGISLATIVE HISTORY—H.R. 3006: CONGRESSIONAL RECORD, Vol. 153 (2007): July 30, considered and passed House. Aug. 3, considered and passed Senate.

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