Section 29-3-23 - Proceeds of sale of lieu lands(1) The proceeds derived from such sales shall be used for the benefit of the schools situated in the township owning the lands. The principal derived from the sale of such land shall not be spent, but only the interest and income derived from such funds may be spent.Codes, 1942, § 4119; Laws, 1942, ch. 162; Laws, 1978, ch. 525, § 14; Laws, 1999, ch. 369, § 1, eff. 3/15/1999.