1. The state university shall enter into an agreement with the state treasurer pursuant to section 30.286 to establish a separate custodial account at a financial institution in which the moneys in the seminary fund shall be deposited and held. 2. The state university shall invest the moneys in the custodial account in government bonds pursuant to section 172.630 . 3. The earnings on such bonds in the custodial account may be withdrawn by the state university, and any withdrawals shall be used by the state university for the maintenance of the state university, its college of agriculture, and its campus in Rolla. 4. The state university shall provide a report from the financial institution as to the receipts and expenditures from the custodial account to the state treasurer no less often than annually.
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