The foster care scholarship endowment fund is created in the
custody of the state treasurer. The investment of the endowment
fund shall be managed by the state investment board.
(1) Moneys received from the higher education coordinating
board, private donations, state matching moneys, and funds
received from any other source may be deposited into the foster
care scholarship endowment fund. Private moneys received as a
gift subject to conditions may be deposited into the endowment
fund if the conditions do not violate state or federal law.
(2) At the request of the higher education coordinating
board, the state investment board shall release earnings from the
endowment fund to the state treasurer. The state treasurer shall
then release those funds at the request of the higher education
coordinating board for scholarships. No appropriation is
required for expenditures from the endowment fund.
(3) The higher education coordinating board may disburse
grants to eligible students from the foster care scholarship
endowment fund. No appropriation is required for expenditures
from the endowment fund.
(4) When notified by court order that a condition attached
to a gift of private moneys from the foster care scholarship
endowment fund has failed, the higher education coordinating
board shall release those moneys to the donors according to the
terms of the conditional gift.
(5) The principal of the foster care scholarship endowment
fund shall not be invaded. For the purposes of this section,
only the first twenty-five thousand dollars deposited into the
foster care scholarship endowment fund shall be considered the
principal. The release of moneys under subsection (4) of this
section shall not constitute an invasion of the corpus.
(6) The foster care scholarship endowment fund shall be used
solely for the purposes in this chapter, except when the
conditional gift of private moneys in the endowment fund require
a portion of the earnings on such moneys be reinvested in the
endowment fund.
[2007 c 73 § 3; 2005 c 215 § 7.]