15-01-02. Powers - Control of public lands and permanent funds
The board has:
1. Full control of the selection, appraisement, rental, sale, disposal, and management of:
a. Lands donated or granted by or received from the United States or from any other
source for the support and maintenance of the common schools.
b. All lands which fall to the state by escheat.
c. All lands donated or granted by or received from the United States or from any
other source for the maintenance of the educational, penal, or charitable
institutions.
d. All lands acquired by the state through the investment of the permanent school
funds of the state as the result of mortgage foreclosure or otherwise.
2. Full control of the investment of the permanent funds derived from the sale of any of
the lands described in subsection 1.
3. Full control of such percent of the proceeds of any sale of public lands as may be
granted to the state by the United States on such sale.
4. Full control of the proceeds of any property that fall to the state by escheat and of the
proceeds of all gifts and donations to the state for the support or maintenance of the
common schools, and of all other property otherwise acquired by the state for the
maintenance of the common schools. Any gift to the state not specifically appropriated
to any other purpose must be considered as a gift for the support and maintenance of
the common schools.
5. Authority to expend moneys for the purpose of making refunds in cases in which an
error has been made by the board, or a person dealing with the board, with regard to
any of the lands, minerals, funds, proceeds, or any other kind of property managed by
the board. Moneys expended to make refunds must come from the same fund or
account into which the money to be refunded was originally placed.
6. Authority to award and distribute energy infrastructure and impact grants from moneys
deposited in the oil and gas impact grant fund, except that grants awarded annually
may not exceed sixty percent of the biennial appropriation for energy infrastructure
and impact grants. The board may create an advisory committee to assist the board in
making its grant award determinations.
7. Authority to adopt policies and rules necessary to carry out the responsibilities of the
board in conformity with any statute administered or enforced by the board.
