127A.32 SCHOOL ENDOWMENT FUND; DESIGNATION.
For the purpose of aid to public schools, a school endowment fund is established.
The school endowment fund shall consist of the income from the permanent school fund.
The commissioner may accept for and on behalf of the permanent school fund a donation of cash,
marketable securities, or other personal property. A noncash donation, other than a donation of
marketable securities, must be disposed of for cash as soon as the commissioner can obtain fair
market value for the donation. Marketable securities may be disposed of at the discretion of the
State Board of Investment consistent with sections
. A cash donation and the
cash receipts from a donation disposed of for cash must be credited immediately to the permanent
school fund. Earnings from marketable securities are earnings of the permanent school fund.
History: Ex1959 c 71 art 5 s 8; 1969 c 399 s 13; 1989 c 51 s 2; 1Sp1995 c 3 art 16 s
13; 1998 c 397 art 4 s 6,51