§ 2. Perpetual trust fund for maintenance of public schools--Principal inviolate. All proceeds of the sale of public lands that have heretofore been or may hereafter be given by the United States for the use of public schools in the state; all such per centum as may be granted by the United States on the sales of public lands; the proceeds of all property that shall fall to the state by escheat; the proceeds of all gifts or donations to the state for public schools or not otherwise appropriated by the terms of the gift; and all property otherwise acquired for public schools, shall be and remain a perpetual fund for the maintenance of public schools in the state. It shall be deemed a trust fund held by the state. The principal shall never be diverted by legislative enactment for any other purpose, and may be increased; but, if any loss occurs through any unconstitutional act, the state shall make the loss good through a special appropriation.
History: Amendment proposed by SL 1975, ch 4, rejected Nov. 2, 1976; amendment proposed by SL 1998, ch 3, rejected Nov. 3, 1998; amendment proposed by SL 2000, ch 1, § 2, approved Nov. 7, 2000.