As Amended
SEC. 29-3-23. Proceeds of sale; spending restrictions; restitution to school districts.
(1) The proceeds derived from such sales shall be used for the benefit of the schools situated in the township owning the lands. The principal derived from the sale of such land shall not be spent, but only the interest and income derived from such funds may be spent.
(2) In any county having lieu lands which were sold, where the proceeds of such sale were paid to the county and the county invested the proceeds in bonds, the last of which matured before 1977, and the county failed to remit such proceeds to the school district entitled to same, such county may make restitution to the school district for the principal amount of the bonds from the general fund of the county or from other available funds of the county. This subsection (2) shall be repealed from and after December 31, 2001.
SOURCES: Codes, 1942, Sec. 4119; Laws, 1942, ch. 162; 1978, ch. 525, Sec. 14, eff from and after July 1, 1978. Amended by Laws 1999, Ch. 369, Sec. 1, HB1411, eff. from and after passage (approved March 15, 1999).
PREVIOUS VERSIONS: Pre-1999