§ 127A.32 — School Endowment Fund; Designation
Plain-Language Summary
This section creates the school endowment fund, which consists of the income (not the principal) earned by the permanent school fund. The commissioner can accept cash, securities, or other donations to the permanent school fund. Non-cash donations other than securities must be sold for cash, and all cash goes into the permanent fund.
127A.32 SCHOOL ENDOWMENT FUND; DESIGNATION.
For the purpose of aid to public schools, a school endowment fund is established.
The school endowment fund shall consist of the income from the permanent school fund. The commissioner may accept for and on behalf of the permanent school fund a donation of cash, marketable securities, or other personal property. A noncash donation, other than a donation of marketable securities, must be disposed of for cash as soon as the commissioner can obtain fair market value for the donation. Marketable securities may be disposed of at the discretion of the State Board of Investment consistent with sections 11A.16 and 11A.24. A cash donation and the cash receipts from a donation disposed of for cash must be credited immediately to the permanent school fund. Earnings from marketable securities are earnings of the permanent school fund.
History:
Ex1959 c 71 art 5 s 8; 1969 c 399 s 13; 1989 c 51 s 2; 1Sp1995 c 3 art 16 s 13; 1998 c 397 art 4 s 6,51
History: History: Ex1959 c 71 art 5 s 8; 1969 c 399 s 13; 1989 c 51 s 2; 1Sp1995 c 3 art 16 s 13; 1998 c 397 art 4 s 6,51