Wisconsin Code § 24.76

Common school fund
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All moneys accruing to the
state by virtue of article X, section 2, of the constitution, and all
other moneys paid into the state treasury on account of the capital
of the school fund, constitute the school fund. All of said fund,
except that portion set apart for state universities by s. 24.80, having been found necessary for the support and maintenance of
common schools in each school district, and the purchase of suitable libraries and apparatus therefor, is set apart for those objects
and denominated the “Common School Fund” which is a separate and perpetual fund.

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