(1) There is established in the state treasury the university earnings reserve fund. The fund shall be managed and invested by the endowment fund investment board according to law and the policies established by the state board of land commissioners. The fund shall consist of the following: (a) All earnings from the university permanent endowment fund; (b) Proceeds of the sale of timber growing upon university endowment lands; (c) Proceeds of leases of university endowment lands; (d) Proceeds of interest charged upon deferred payments on university endowment lands or on timber on those lands; and (e) All other proceeds received from the use of university endowment lands and not otherwise designated for deposit in the university permanent endowment fund. (2) Moneys shall be distributed out of the university earnings reserve fund only to support the beneficiaries of the university endowment, including distributions by the state board of land commissioners to the university permanent endowment fund and the university income fund; provided, that funds shall not be appropriated by the legislature from the university earnings reserve fund except to pay for administrative costs incurred managing the assets of the university endowment including, but not limited to, real property and monetary assets.
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