Arizona Laws 37-522. Universities land fund; composition; use
A. After any appropriation pursuant to section 37-527, the universities land fund shall consist of:
Terms Used In Arizona Laws 37-522
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- including: means not limited to and is not a term of exclusion. See Arizona Laws 1-215
- Property: includes both real and personal property. See Arizona Laws 1-215
- United States: includes the District of Columbia and the territories. See Arizona Laws 1-215
1. The proceeds of all lands granted to the state by the United States for university purposes.
2. All property donated by individuals for university purposes, unless the terms of the donation otherwise provide.
3. The sale of timber, mineral, gravel or other natural products or property from lands granted or given for university purposes.
B. The fund is and shall remain a perpetual fund for the benefit and support of the universities of this state and distributions from the fund pursuant to article X, section 7, Constitution of Arizona together with the monies derived from the sales of timber or timber products and the rental of the lands and property, including interest and accrued rent for that year credited pursuant to section 37-295, shall be used.