SB 692

Under current law, the Board of Commissioners of Public Lands (BCPL)

manages the common school fund, the normal school fund, the university fund, and

the agricultural college fund (trust funds). Currently, BCPL has limited authority

to invest trust fund moneys in land. Specifically, BCPL may invest these moneys in

the purchase of land in this state only if 1) the land is within an applicable

consolidation area approved by BCPL; 2) the total acreage of public lands managed

by BCPL does not exceed the total acreage of public lands managed by BCPL on May

3, 2006; 3) the moneys invested are derived from the sale of public lands; and 4) the

purchase of the land will improve timberland management, address forest

fragmentation, or increase public access to the land.

Under this bill, BCPL may also invest trust fund moneys in the acquisition of

land and the construction, acquisition, improvement, and maintenance of buildings,

structures, and facilities for the primary purpose of leasing space for the housing of

state departments and agencies. Acquisition of a property or construction of a

building, structure, or facility must be approved by three-fourths of the building

commission.