(1) The State Board of Higher Education shall maintain with the State Treasurer a fund, separate and distinct from the General Fund, known as the Higher Education Student Activities Fund in which shall be deposited all revenue from incidental fees, optional fees, health services fees and all operating revenue from intercollegiate athletics, student unions and educational activities.
(2) The moneys in the Higher Education Student Activities Fund are continuously appropriated to the Department of Higher Education. Disbursements from the fund, including any interest credited thereto, may be made for necessary expenses for supplies, services and equipment associated with student activities including but not limited to recruiting, training and grant-in-aid to intercollegiate athletes.
(3) The fund may be invested by the State Treasurer, and the earnings from such investments shall be credited to the fund. The State Board of Higher Education shall distribute annually the total interest earnings proportionately to each institution based on each institution’s average cash balance in the fund. [1975 c.558 §7; 1987 c.256 §1; 1989 c.966 §36; 1995 c.110 §7; 2003 c.674 §25]
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