110-H.R.2732

To amend the Act of July 3, 1890, to provide for the granting to a State of a parcel of land for use as an agricultural college and to proscribe the use of earnings and proceeds thereof.

6/14/2007--Introduced.

Allows the state of Idaho, notwithstanding provisions of the First Morrill Act, to: (1) invest and manage earnings and proceeds derived from land granted for use as an agricultural college in accordance with the standards applicable to a trustee under Idaho law; (2) deduct from earnings and proceeds generated from granted land any expenses that a trustee is authorized to deduct pursuant to Idaho law; and (3) use earnings and proceeds generated by the granted land for any uses and purposes described in that Act without regard to limitations prohibiting the state from exceeding 10% on the purchase of land and from purchasing, erecting, preserving, or repairing buildings.

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