§ 85-123. Permanent Endowment Fund; source; accounts; investment.
AI-assisted research summary: The Permanent Endowment Fund must be kept in two accounts, invested as provided by law, and it cannot be appropriated by the Legislature or spent for any purpose.
The Permanent Endowment Fund shall be kept in two accounts: In the first account, all money derived as principal from the sale of lands donated to the state by the United States to establish and endow a state university under the Act of Congress of April 19, 1864; and in the second account, all money derived as principal from the sale of lands donated to the state by the United States, to provide colleges for the benefit of agriculture and the mechanic arts, by an Act of Congress approved July 2, 1862. All such money derived from federal grants shall be invested in the manner provided by law for the investment of the permanent school fund of the state, in the same kind of securities, and by the same officers charged with that duty, in accordance with the provisions of section 72-202 as may from time to time be amended by the Legislature. All money acquired by the Board of Regents of the University of Nebraska by donation or bequest to it, including money derived as principal from the sale of lands or other property so acquired or so derived, shall belong to the University Trust Fund and be administered in accordance with the provisions of section 85-123.01. The Permanent Endowment Fund shall never be appropriated by the Legislature nor be expended for any purpose whatsoever. History: Laws 1869, § 21, p. 177; Laws 1877, § 1, p. 57; Laws 1899, c. 76, § 1, p. 325; R.S.1913, § 7101; C.S.1922, § 6733; C.S.1929, § 85-119; R.S.1943, § 85-123; Laws 1945, c. 257, § 2, p. 798; Laws 1983, LB 238, § 2.