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.

(This measure has not been amended since it was introduced. The summary of that version is repeated here.)

Authorizes Idaho, respecting Morrill Act agricultural college assets, to: (1) invest earnings and proceeds in accordance with the standards applicable to a trustee under Idaho law; (2) deduct trustee expenses from earnings and proceeds; and (3) use earnings and proceeds from granted land without regard to the limitations that prohibit the state from exceeding 10% on the purchase of land and prohibit the state from purchasing, erecting, preserving, or repairing buildings.

[110th Congress Public Law 77]
[From the U.S. Government Publishing Office]


[DOCID: f:publ077.110]

[[Page 121 STAT. 726]]

Public Law 110-77
110th Congress

                                 An Act


 
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. <<NOTE: Aug. 
                       13, 2007 -  [H.R. 3006]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,
SECTION 1. AGRICULTURAL COLLEGE LAND GRANT.

    (a) In General.--Section 10 of the Act of July 3, 1890 (26 Stat. 
215, chapter 656) is amended--
            (1) by inserting ``(a)'' after ``Sec. 10.''; and
            (2) by adding at the end the following:

    ``(b) 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--
            ``(1) 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;
            ``(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 (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.''.

    (b) Effective Date.--The amendments made by subsection (a) shall 
take effect on October 27, 1998.

    Approved August 13, 2007.

LEGISLATIVE HISTORY--H.R. 3006:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 153 (2007):
            July 30, considered and passed House.
            Aug. 3, considered and passed Senate.

                                  <all>