§ 15-1704 — Postsecondary educational fund; exemption; use of monies

A. The postsecondary educational fund is established. The Arizona board of regents shall administer the fund, which consists of the following:

1. Monies appropriated by the legislature.

2. Monies received from state agencies and political subdivisions of this state.

3. Monies received from the United States government, including monies received from the United States department of education.

4. Gifts, grants and donations received from any private source.

5. Monies received from a postsecondary educational institution through a program participation agreement.

B. Monies in the fund are continuously appropriated and are exempt from the provisions of section 35-190 relating to lapsing of appropriations.

C. Monies in the postsecondary educational fund shall be used for the following purposes:

1. Providing matching monies as prescribed in section 15-1703, subsection C.

2. Administrative expenses necessary for the Arizona board of regents to administer the programs identified in this article and to serve as the state higher education agency and the state scholarship grant agency.