The proceeds derived or received from all sales of timber, trees, dead wood, and stumps, and from all oil, gas and mineral leases, or leases for other purposes, provided for in Sections 37-101-141 and 37-101-143, including but not limited to rentals, bonuses, royalties, and delay rentals, shall be deposited in such special funds as the said board of trustees of state institutions of higher learning may designate for the use and benefit of the institution owning or having the use and benefit of the land from which such money was derived. Such money, after all expenditures for maintenance, operation, and improvements necessary for effective and scientific management of said resources shall have been deducted, shall be used and expended under the supervision of said board of trustees for the erection and construction of permanent improvements on the campuses of such institutions, or for the repair of permanent improvements existing on said campuses. It is the purpose of this section that the funds received from lands held for the use of each of the respective institutions shall be kept in a special fund for the use and benefit of the institution having the use and benefit of the land from which such funds were derived, and that such funds shall be expended only for the purposes hereinabove set forth.

Notwithstanding any other provisions of this section, such reports as may be required by the state auditor of public accounts shall be made to him by the institutions of higher learning in the manner and at the times he may prescribe, so that his records may reflect full and complete information relative thereto.