II
110th CONGRESS
1st Session
S. 1764
IN THE SENATE OF THE UNITED STATES
July 11, 2007
Mr. Crapo (for himself and Mr. Craig) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To improve the use of a grant of a parcel of land to the State of Idaho for use as an agricultural college, and for other purposes.
Agricultural college land grant
In general
Section 10 of the Act of July 3, 1890 (26 Stat. 215, chapter 656) is amended—
by inserting
(a)
after Sec. 10.
; and
by adding at the end the following:
Notwithstanding
sections 3 through 5 of the Act of July 2, 1862 (commonly known as the
First Morrill Act
) (7 U.S.C. 303 et seq.), the State of Idaho
may—
invest and manage earnings and proceeds derived from land granted to the State of Idaho pursuant to subsection (a), in accordance with the standards applicable to a trustee under Idaho law;
deduct from earnings and proceeds generated from granted land any expenses that a trustee is authorized to deduct pursuant to Idaho law; and
use earnings and proceeds generated by the granted land for any uses and purposes described in that Act (7 U.S.C. 301 et seq.) without regard to the limitations set out in section 5 of that Act (7 U.S.C. 305) that prohibit the State from exceeding 10 per centum on the purchase of land and prohibit the State from purchasing, erecting, preserving, or repairing of any building or buildings.
.
Effective date
The amendments made by subsection (a) shall take effect on October 27, 1998.