RCW 28B.108.060
Scholarship endowment fund. (Effective
until July 1, 2012.)
The American Indian 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. Funds appropriated by the legislature for the
endowment fund must be deposited into the fund.
(1) Moneys received from the higher education coordinating
board, private donations, state moneys, and funds received from
any other source may be deposited into the endowment fund.
Private moneys received as a gift subject to conditions may be
deposited into the fund.
(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) When notified by the higher education coordinating board
that a condition attached to a gift of private moneys in the fund
has failed, the state investment board shall release those moneys
to the higher education coordinating board. The higher education
coordinating board shall then release the moneys to the donors
according to the terms of the conditional gift.
(4) The principal of the endowment fund shall not be
invaded. The release of moneys under subsection (3) of this
section shall not constitute an invasion of corpus.
(5) The earnings on the fund shall be used solely for the
purposes set forth in RCW 28B.108.040, except when the terms of a
conditional gift of private moneys in the fund require that a
portion of earnings on such moneys be reinvested in the fund.
[2009 c 259 § 2; 2007 c 73 § 2; 1993 c 372 § 1; 1991 sp.s. c 13 § 110; 1990 c 287 § 7.]
NOTES:
Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.
RCW 28B.108.060
Scholarship endowment fund. (Effective
July 1, 2012.)
The American Indian 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. Funds appropriated by the legislature for the endowment
fund must be deposited into the fund.
(1) Moneys received from the office, private donations,
state moneys, and funds received from any other source may be
deposited into the endowment fund. Private moneys received as a
gift subject to conditions may be deposited into the fund.
(2) At the request of the office, 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 office for scholarships. No appropriation is
required for expenditures from the endowment fund.
(3) When notified by the office that a condition attached to
a gift of private moneys in the fund has failed, the state
investment board shall release those moneys to the office. The
office shall then release the moneys to the donors according to
the terms of the conditional gift.
(4) The principal of the endowment fund shall not be
invaded. The release of moneys under subsection (3) of this
section shall not constitute an invasion of corpus.
(5) The earnings on the fund shall be used solely for the
purposes set forth in RCW 28B.108.040, except when the terms of a
conditional gift of private moneys in the fund require that a
portion of earnings on such moneys be reinvested in the fund.
[2011 1st sp.s. c 11 § 194; 2009 c 259 § 2; 2007 c 73 § 2; 1993 c 372 § 1; 1991 sp.s. c 13 § 110; 1990 c 287 § 7.]
NOTES:
Effective date -- 2011 1st sp.s. c 11 §§ 101-103, 106-202, 204-244, and 301: See note following RCW 28B.76.020.
Intent -- 2011 1st sp.s. c 11: See note following RCW 28B.76.020.
Effective dates -- Severability -- 1991 sp.s. c 13: See notes following RCW 18.08.240.