The education savings account is created in the state treasury. The account shall consist of all moneys appropriated to the account by the legislature.

     (1) Ten percent of legislative appropriations to the education savings account shall be distributed as follows: (a) Fifty percent to the distinguished professorship trust fund under RCW 28B.76.565; (b) seventeen percent to the graduate fellowship trust fund under RCW 28B.76.610; and (c) thirty-three percent to the college faculty awards trust fund under RCW 28B.50.837.

     (2) The remaining moneys in the education savings account may be appropriated solely for (a) common school construction projects that are eligible for funding from the common school construction account, (b) technology improvements in the common schools, and (c) during the 2001-03 fiscal biennium, technology improvements in public higher education institutions.

[2004 c 275 § 64; 2001 2nd sp.s. c 7 § 917; 1998 c 302 § 2; 1997 c 261 § 2. Formerly RCW 28A.305.235.]

NOTES:

     Part headings not law -- 2004 c 275: See note following RCW 28B.76.030.

     Severability -- Effective date -- 2001 2nd sp.s. c 7: See notes following RCW 43.320.110.

     Effective date -- 1997 c 261: See note following RCW 43.79.460.