77-1-109. Deposits of proceeds in trust land administration account.

     77-1-109. Deposits of proceeds in trust land administration account. (1) (a) The department shall, until the deposit equals the amount appropriated for the fiscal year pursuant to 77-1-108, deposit into the trust land administration account created by 77-1-108 the following:
     (i) mineral royalties;
     (ii) the proceeds or income from the sale of easements and timber, except timber from public school and Montana university system lands;
     (iii) 5% of the interest and income annually credited to the public school fund in accordance with 20-9-341; and
     (iv) fees collected pursuant to 77-2-328.
     (b) The department may not make deductions from interest or income generated from lands granted to the state pursuant to the Morrill Act of 1862, 7 U.S.C. 301 through 308, and the Morrill Act of 1890, 7 U.S.C. 321 through 329.
     (2) After the deposits in subsection (1) have been made, the remainder of the proceeds, other than proceeds from timber from Montana university system lands and other than those purchased pursuant to 17-6-340, must be deposited in the appropriate permanent fund and the capitol building land grant trust fund. Timber proceeds from university system lands must be paid over to the state treasurer, who shall deposit the money to the credit of the proper fund for use as provided in 17-3-1003(1). Royalty payments purchased pursuant to 17-6-340 must be used as provided in that section and 20-9-622.
     (3) The amount of money that is deposited into the trust land administration account may not exceed 1 1/8% of the book value balance in each of the permanent funds, other than the fund containing proceeds derived from lands granted to the state pursuant to the Morrill Act of 1862, 7 U.S.C. 301 through 308, and the Morrill Act of 1890, 7 U.S.C. 321 through 329, administered by the department on the first day of January preceding the new biennium and 10% of the previous fiscal year revenue deposited into the capitol building land grant trust fund.

History: En. Sec. 2, Ch. 122, L. 1999; amd. Sec. 30, Ch. 34, L. 2001; amd. Sec. 1, Ch. 420, L. 2001; amd. Sec. 2, Ch. 291, L. 2003; amd. Sec. 4, Ch. 355, L. 2003; amd. Sec. 5, Ch. 247, L. 2007.