Sec 37-522. Universities land fund; composition; use

A. After any appropriation pursuant to section 37-527, the universities land fund shall consist of:

1. The proceeds of all lands granted to the state by the United States for university purposes.

2. All property donated by individuals for university purposes, unless the terms of the donation otherwise provide.

3. The sale of timber, mineral, gravel or other natural products or property from lands granted or given for university purposes.

B. The fund is and shall remain a perpetual fund for the benefit and support of the universities of this state and distributions from the fund pursuant to article X, section 7, Constitution of Arizona together with the monies derived from the sales of timber or timber products and the rental of the lands and property, including interest and accrued rent for that year credited pursuant to section 37-295, shall be used.