The Board of Regents may sell extraneous real property subject to the provisions of the Constitution and approval of the Legislature. The proceeds from a sale of institutional endowment lands shall be deposited as provided in chapter 5-3 and the proceeds of other extraneous real property, net of any costs associated with the sale of the land, including in the case of a sale comprising both endowment lands and other extraneous real property, costs allocable to the sale of endowment lands, shall be deposited with the state treasurer and credited to a fund specifically designated as the real property acquisition and capital improvement fund for each institution under the Board of Regents involved in such transaction. The proceeds shall be invested by the State Investment Council in accordance with chapter 4-5 . Expenditures from the fund shall be approved by the Legislature.
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