396.350 - Irreducible University Fund. - Nevada Statutes

396.350  Irreducible University Fund.

      1.  The moneys arising from the sale of the 72 sections of land granted this state by the Act of Congress entitled “An act concerning Lands granted to the State of Nevada,” approved July 4, 1866 (c. 166, 14 Stat. 86), for the establishment and maintenance of a university, which sale was directed by the provisions of section 4 of chapter 85, Statutes of Nevada 1873, constitute a fund to be known as the Irreducible University Fund. The money in the Fund must be invested by the Board of Regents in United States bonds, bonds of this state, bonds of other states of the Union or bonds of any county in the State of Nevada. The investments are subject to such further restrictions and regulations as may be provided by law.

      2.  The interest only of the proceeds resulting from the investments described in subsection 1 must be used for the maintenance of the System, and any surplus interest must be added to the principal sum.

      [Part 4:85:1873; A 1929, 61; NCL § 7746]—(NRS A 1993, 345)