[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3006 Enrolled Bill (ENR)]

        H.R.3006

                       One Hundred Tenth Congress

                                 of the

                        United States of America


                          AT THE FIRST SESSION

          Begun and held at the City of Washington on Thursday,
            the fourth day of January, two thousand and seven


                                 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.

    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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.