§ 15-72-04 — Trust management

The board of university and school lands must be reimbursed from trust proceeds for all
reasonable costs and expenses incurred in the management of trust assets and the investment
of trust proceeds. Reimbursements to the board must be deposited in the trust fund account
from which the expenses were incurred. The net income derived from the assets held in trust
must be used for trust purposes. Any assets placed in the trust may be sold, leased, invested,
managed, or otherwise disposed of by the board to fulfill the reclamation activities and
obligations related to the performance bond. If any of the trust assets include real property, net
income from the trust assets must be used in part to pay to the county where the real property is
located the same amount that would have been assessed against the real property for real

property taxes if the real property was privately owned. The board may maintain separate
accounts in the trust if necessary. The board shall manage all assets in the trust in the same
manner that the board manages the board's other trust assets or as otherwise may be required
to satisfy the purposes of this chapter.