MANAGEMENT AND DISTRIBUTION OF NORTH DAKOTA TRUST FUNDS.

SEC. 13001. MANAGEMENT AND DISTRIBUTION OF NORTH DAKOTA TRUST FUNDS.(a) North Dakota Trust Funds.—The Act of February 22, 1889 (25 Stat. 676, chapter 180), is amended by adding at the end the following:“SEC. 26. NORTH DAKOTA TRUST FUNDS.“(a) Disposition.—Notwithstanding section 11, the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of public land are deposited under this Act (referred to in this section as the ‘trust fund’)—“(1) deposit all revenues earned by a trust fund into the trust fund;“(2) deduct the costs of administering a trust fund from each trust fund; and“(3) manage each trust fund to—“(A) preserve the purchasing power of the trust fund; and“(B) maintain stable distributions to trust fund beneficiaries.“(b) Distributions.—Notwithstanding section 11, any distributions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the Constitution of the State of North Dakota.“(c) Management of Proceeds.—Notwithstanding section 13, the State of North Dakota shall manage the proceeds referred to in that section in accordance with subsections (a) and (b).“(d) Management of Land and Proceeds.—Notwithstanding sections 14 and 16, the State of North Dakota shall manage the land granted under that section, including any proceeds from the land, and make distributions in accordance with subsections (a) and (b).” .(b) Management and Distribution of Morrill Act Grants.—The Act of July 2, 1862 (commonly known as the “First Morrill Act”) (7 U.S.C. 301 et seq.), is amended by adding at the end the following:“SEC. 9. LAND GRANTS IN THE STATE OF NORTH DAKOTA.“(a) Expenses.—Notwithstanding section 3, the State of North Dakota shall manage the land granted to the State under the first section, including any proceeds from the land, in accordance with this section.“(b) Disposition of Proceeds.—Notwithstanding section 4, the State of North Dakota shall, with respect to any trust fund in which proceeds from the sale of land under this Act are deposited (referred to in this section as the ‘trust fund’)—“(1) deposit all revenues earned by a trust fund into the trust fund;“(2) deduct the costs of administering a trust fund from each trust fund; and“(3) manage each trust fund to—“(A) preserve the purchasing power of the trust fund; and“(B) maintain stable distributions to trust fund beneficiaries.123 STAT. 1447“(c) Distributions.—Notwithstanding section 4, any distributions from trust funds in the State of North Dakota shall be made in accordance with section 2 of article IX of the Constitution of the State of North Dakota.“(d) Management.—Notwithstanding section 5, the State of North Dakota shall manage the land granted under the first section, including any proceeds from the land, in accordance with this section.” .(c) Consent of Congress.—Effective July 1, 2009, Congress consents to the amendments to the Constitution of North Dakota proposed by House Concurrent Resolution No. 3037 of the 59th Legislature of the State of North Dakota entitled “A concurrent resolution for the amendment of sections 1 and 2 of article IX of the Constitution of North Dakota, relating to distributions from and the management of the common schools trust fund and the trust funds of other educational or charitable institutions; and to provide a contingent effective date” and approved by the voters of the State of North Dakota on November 7, 2006.