22-3-114. Use of acquisitions trust funds -- principal nonexpendable -- investment of principal -- reversion of unspent revenue. (1) The principal of the acquisitions trust established in 22-3-113 is intended to be a permanent fund subject to investment by the board of investments in accordance with investment principles established for the investment of state funds in Title 17, chapter 6, part 2.
(2) Revenue earned by the Montana historical society from sales provided for by 22-3-107(6) must be placed in the acquisitions trust.
(3) Interest earned on the principal of the acquisitions trust may be used only for the purpose of acquiring society library, museum, archive, and photoarchive items or collections.
(4) Revenue that is not expended on appropriate acquisitions authorized in subsection (3) and that remains at the end of each fiscal year reverts to the principal of the acquisitions trust for investment as provided in subsection (1).
(5) The provisions of 17-2-108 that require the expenditure of nongeneral fund money prior to the expenditure of general fund money do not apply to the expenditure of revenue made available to the society from the acquisitions trust.
History: En. Sec. 2, Ch. 4, L. 1993; amd. Sec. 18, Ch. 34, L. 2001; amd. Sec. 2, Ch. 148, L. 2005.
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