(a) The Higher Education Classified Employee Salary Adjustment Fund is hereby created upon the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State.
(b) This fund shall consist of moneys transferred from the Merit Adjustment Fund, there to be used to provide the general revenue share of salary increases and resulting fringe benefit costs for classified employees of institutions of higher education and in such amounts as transferred to the various institutions of higher education general revenue funds.
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