The several funds for the support of the university shall be constituted and designated as follows: (1) The Permanent Endowment Fund; (2) the Temporary University Fund; (3) the University Cash Fund; (4) the United States Morrill Fund; (5) the United States Experiment Station Fund; (6) the University Trust Fund; (7) the United States Agricultural Extension Fund; (8) the Veterinary School Fund; (9) the University of Nebraska at Omaha Cash Fund; (10) the University of Nebraska at Omaha Trust Fund; (11) the University of Nebraska at Kearney Cash Fund; (12) the University of Nebraska at Kearney Trust Fund; (13) the Agricultural Field Laboratory Fund; (14) the Animal Research and Diagnosis Revolving Fund; (15) the University Facility Improvement Fund; (16) the University of Nebraska Eppley Science Hall Construction Fund; and (17) the University Facilities Fund. No portion of the funds designated above derived from taxation shall be disbursed for mileage or other traveling expenses except as authorized by sections 81-1174 to 81-1177. No expenditures shall be made for or on behalf of the School of Veterinary Medicine and Surgery except from money appropriated to the Veterinary School Fund. Any money in the funds designated in this section available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act except as provided in sections 85-123.01, 85-125, 85-192, and 85-1,123.

The United States Agricultural Extension Fund shall consist of all money which may come into the possession of the State Treasurer for use or expenditure by the University of Nebraska by reason of any laws, now existing or subsequently enacted by the United States, whereby money is appropriated to or provided for agricultural extension purposes. The agricultural extension fund when appropriated by the Legislature shall be applied exclusively to the uses and objects designated by any laws now existing or subsequently enacted by the United States relative thereto. It shall at all times be subject to the orders of the Board of Regents for expenditure for said uses only.

The Permanent Endowment Fund shall be kept in two accounts: In the first account, all money derived as principal from the sale of lands donated to the state by the United States to establish and endow a state university under the Act of Congress of April 19, 1864; and in the second account, all money derived as principal from the sale of lands donated to the state by the United States, to provide colleges for the benefit of agriculture and the mechanic arts, by an Act of Congress approved July 2, 1862. All such money derived from federal grants shall be invested in the manner provided by law for the investment of the permanent school fund of the state, in the same kind of securities, and by the same officers charged with that duty, in accordance with the provisions of section 72-202 as may from time to time be amended by the Legislature. All money acquired by the Board of Regents of the University of Nebraska by donation or bequest to it, including money derived as principal from the sale of lands or other property so acquired or so derived, shall belong to the University Trust Fund and be administered in accordance with the provisions of section 85-123.01. The Permanent Endowment Fund shall never be appropriated by the Legislature nor be expended for any purpose whatsoever.

(1) The University Trust Fund shall consist of all property, real or personal, acquired by the Board of Regents of the University of Nebraska by donation or bequest to it, including money derived as principal from the sale of land or other property so acquired or derived.

(2) The University Trust Fund shall be held, managed, and invested in such manner as directed by the Board of Regents of the University of Nebraska. No money in the fund shall be held, managed, or invested by the State Treasurer or the state investment officer pursuant to the Nebraska Capital Expansion Act or the Nebraska State Funds Investment Act.

The Temporary University Fund shall consist of (1) the proceeds of investments of the permanent fund; (2) the rental of the university and agricultural college lands leased, and the interest upon deferred payments on sales of the lands aforesaid; (3) the rentals or income of lands or other property donated without particular objects or uses being specified; and (4) such sums as may be from time to time appropriated to the use of the university. All money accruing to this fund is hereby appropriated for the maintenance of the university, including buildings and permanent improvements, and the same may be applied by the Board of Regents to any and all university needs except the income from donations made for particular purposes, which income shall be used and applied as hereinbefore specified only.

The University Cash Fund shall consist of the matriculation and diploma fees, registration fees, laboratory fees, tuition fees, summer session or school fees, all other money or fees collected from students by the authority of the Board of Regents for university purposes, and receipts from all university activities collected by the board in connection with the operation of the university. A record shall be kept by the board separating such money into appropriate and convenient accounts. All money and funds accruing to the University Cash Fund shall be used for the maintenance and operation of the university and its activities and shall at all times be subject to the orders of the Board of Regents accordingly. The fund shall be in the custody of the State Treasurer, and any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act, except that there may be retained by the Board of Regents a sum not to exceed two percent of the fund, which shall be available to make settlement and equitable adjustments to students entitled thereto, to carry on university activities contributing to the fund, and to provide for contingencies. No warrant shall be issued against such fund unless there is money in the hands of the State Treasurer sufficient to pay the same.

The United States Morrill Fund shall consist of all money appropriated by the United States to this state for its university to aid instruction, and to furnish the facilities for instruction, in certain branches in accordance with the provisions of an Act of Congress approved August 30, 1890, entitled An act to apply a portion of the proceeds of the public lands to the more complete endowment and support of the colleges for the benefit of agriculture and the mechanic arts established under the provisions of an Act of Congress approved July 2, 1862, and acts supplemental thereto. The said fund shall be applied exclusively to the uses and purposes prescribed by the Act or Acts of Congress relating thereto, and the fund is hereby appropriated accordingly, and shall at all times be subject to the orders of the Board of Regents for the purpose specified by Act of Congress only.

The United States Experiment Station Fund shall consist of (1) all money which may come into the possession of the State Treasurer on and after July 1, 1899, accruing under an Act of Congress approved March 2, 1887, entitled An act to establish agricultural experiment stations in connection with the colleges established in the several states under the provisions of an act approved July 2, 1862, and the acts supplemental thereto, and (2) all money which may hereafter be received by virtue of any Act of Congress supplemental to the agricultural experiment station act and for the same purposes. The fund is hereby appropriated to be applied exclusively to the uses and objects designated by the Act or Acts of Congress relating thereto and shall at all times be subject to the orders of the Board of Regents for expenditure for such uses only.

The State Treasurer shall be the custodian of all the funds of the university. Disbursements from the funds named in sections 85-124 to 85-127 shall be made in accordance with the provisions of law relating to the disbursement of university funds in the hands of the State Treasurer as provided by law.

The State Treasurer shall be the treasurer of the state university and the custodian of all funds donated to the university or to the Agricultural Research Division by the United States, including the Morrill, Hatch, and Adams funds, all other donations, gifts, and bequests, income from land and productive funds, fees paid by students, and all funds for the use of the university derived from any source, except (1) funds created by taxation and paid into the state treasury as taxes and (2) the University Trust Fund which shall be held and managed in the manner provided by section 85-123.01.

The university funds, other than those created by taxation, shall be held subject to the order of the Board of Regents and shall be disbursed for the purposes prescribed by law, upon presentation of warrants to the Director of Administrative Services, to be issued on certificates of the Board of Regents executed as required by law, except that no portion of such funds, not created by taxation, shall be disbursed for mileage or other traveling expenses except as provided in sections 81-1174 to 81-1177.

Disbursements from the university funds shall be made by the State Treasurer upon warrants drawn by the Director of Administrative Services who shall issue warrants upon certificates issued as authorized by the Board of Regents.

The Board of Regents may accept gifts and bequests of property subject to a reservation of the income for a stated period or for the life of the donor or the life or lives of other persons designated.