SITLA Trust Land Auction Earns $344K for Schools, UofU College of Mines
SITLA held its biannual public auction this week generating $343,900 for two beneficiary endowments, public schools and the University of Utah College of Mines and Earth Sciences.
The seven parcels sold totaled a combined 315 acres and are located in Duchesne, Emery, Garfield, and Sevier counties. By law, SITLA retains the mineral estate.
All proceeds from the sale are deposited into the permanent endowments for each beneficiary. These institutions receive annual interest earnings from their endowments to use as they see fit. Utah’s K-12 public school system received $82.7 million this school year, which was spent largely for teacher and aide salaries, and classroom technology.
SITLA manages Utah’s 3.4 million acres of trust lands on behalf of 12 beneficiaries designated at statehood. This fiscal year, SITLA generated $89.98 million from energy, mineral, surface, and real estate development on trust lands.