Page:United States Statutes at Large Volume 123.djvu/1466

 123STA T . 1 4 4 6PUBLIC LA W 111 – 11 —M A R .3 0, 200 9TI T LEX III —M I SC ELL AN E OU S SEC.130 01. MAN A G EMEN T AN D D I ST R I BU TI O NO F NORT H DA K OTA TRUST FUNDS. (a)NORTHDAK OTA T R US T F U ND S .— T heActof Fe bru ar y2 2 ,18 8 9 (2 5S tat. 67 6, cha p ter 18 0 ), is a m e nd ed by addin g at the end the fo l lo w ing

‘SEC. 26 . NORTH DAKOTA TRUST FUNDS. ‘ ‘(a) D I S P OSITION.—Notwithstanding section 11, the State of North Da k ota shall, with respect to any trust fund in which proceeds from the sale of public land are deposited under this Act (referred to in this section as the ‘trust fund ’ )— ‘‘(1) deposit all re v enues earned by a trust fund into the trust fund ‘‘(2) deduct the costs of administering a trust fund from each trust fund; and ‘‘( 3 ) manage each trust fund to— ‘‘(A) preserve the purchasing power of the trust fund; and ‘‘( B ) maintain stable distributions to trust fund bene - ficiaries. ‘‘(b) DISTRI B UTIONS.—Notwithstanding section 11, any distribu- tions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the C onstitution of the State of North Dakota. ‘‘(c) M ANA GEM ENT O FP RO C EEDS.—Notwithstanding section 13, the State of North Dakota shall manage the proceeds referred to in that section in accordance with subsections (a) and (b). ‘‘(d) MANAGEMENT OF L AND AND PROCEEDS.—Notwithstanding sections 1 4 and 16, the State of North Dakota shall manage the land granted under that section, including any proceeds from the land, and make distributions in accordance with subsections (a) and (b).’’. (b) MANAGEMENT AND DISTRIBUTION OF MORRI L L ACT G RANTS.—The Act of J uly 2, 1862 (commonly known as the ‘‘First Morrill Act’’) (7 U .S.C. 301 et se q .), is amended by adding at the end the following: ‘‘SEC. 9 . L AND GRANTS IN THE STATE OF NORTH DAKOTA. ‘‘(a) EX PENSES.—Notwithstanding section 3, the State of North Dakota shall manage the land granted to the State under the first section, including any proceeds from the land, in accordance with this section. ‘‘(b) DISPOSITION OF PROCEEDS.—Notwithstanding section 4, the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of land under this Act are deposited (referred to in this section as the ‘trust fund’)— ‘‘(1) deposit all revenues earned by a trust fund into the trust fund; ‘‘(2) deduct the costs of administering a trust fund from each trust fund; and ‘‘(3) manage each trust fund to— ‘‘(A) preserve the purchasing power of the trust fund; and ‘‘(B) maintain stable distributions to trust fund bene- ficiaries. 7USC309.