15-03 Investment of Funds - North Dakota Statutes

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CHAPTER 15-03INVESTMENT OF FUNDS15-03-01. Permanent funds - State treasurer. All moneys belonging to the permanentfunds of the common schools and other public institutions derived from the sale of any of the
lands described in section 15-01-02 or from any other source must be paid over to the state
treasurer and are subject to the order of the board of university and school lands. Such moneys
must be paid over on the order of the board for investment as provided in this chapter whenever
the board requires the same.15-03-01.1. Creation of maintenance fund. There is created a special fund designatedas the state lands maintenance fund, which is funded by the trust fund assets under the control of
the board of university and school lands. All expenses paid out of the state lands maintenance
fund are subject to legislative appropriation.15-03-01.2. Payment of salaries and expenses from maintenance fund - Vouchersand warrants.All administrative salaries and operating expenses of the office of thecommissioner of university and school lands must be paid from the state lands maintenance fund
upon itemized vouchers in duplicate, approved by the commissioner, setting forth the accounts
covered, one copy to be retained in the commissioner's office and the other to be filed with the
office of management and budget, and warrants for the payment drawn by the office of
management and budget upon the fund.15-03-01.3. Apportionment of maintenance fund balances quarterly. Repealed byS.L. 2003, ch. 129,