Proposed Revision to 1003.3.1 - Proceeds from Natural Resource Interest
DISCUSS COMBINING WITH 901.4
Board policy:
1. The presidents and
chancellors of the units campuses of
the Montana University System are authorized to deposit in Plant Funds the
proceeds from oil, gas, coal, minerals, timber or other natural resource interests
derived from certain real property owned by the units. Such proceeds will be dedicated to the
improvement of real property or physical plants of the respective units campuses. The units campuses
may invest the proceeds and the interest shall be added to the plant fund
account.
2. This policy does not apply to real property
held for investment purposes under the administrative authority of the State
Department of Lands.
History:
Item 30-005-R0281,
Custodial Transfer of Natural Resource Interests to Unit Foundations for
Management Purposes; Montana University System, April 13, 1981 (Rescinded); 35-001-R0482,
Proceeds from Natural Resource Interests; Montana University System, April 16,
1982.