§ 9-22-105 — STEM Action Center Foundation Fund.

(1) There is created an expendable special revenue fund known as the "STEM Action Center Foundation Fund."
(2) The director shall administer the fund under the direction of the STEM board.
(3) Money may be deposited into the fund from a variety of sources, including transfers, grants, private foundations, individual donors, gifts, bequests, legislative appropriations, and money made available from any other source.
(4) Money collected by a foundation described in Subsections 9-22-104(3) and (4) shall be deposited into the fund.
(5) Any portion of the fund may be treated as an endowment fund such that the principal of that portion of the fund is held in perpetuity on behalf of the STEM Action Center.
(6) The state treasurer shall invest the money in the fund according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act, except that all interest or other earnings derived from those investments shall be deposited into the fund.
(7) The director, under the direction of the STEM board, may expend money from the fund for the purposes described in this part.

Legislative History

Renumbered and Amended by Chapter 487, 2019 General Session