15-1641. Collegiate special plate funds;
purpose
A. The Arizona board of regents shall establish a separate collegiate special plate
fund for each university, as described in section 15-1601, consisting of monies received
by the board from collegiate plate annual donations pursuant to section 28-2412.
B. The board of regents shall require each university, as described in section
15-1601, to submit a plan for approval of the expenditure of monies in the appropriate
fund. All monies in the fund shall only be used for academic scholarships. Each
university shall annually report to the board of regents the percentage of monies that
was expended on behalf of minority applicants.
C. The board of regents may delegate to a state university foundation approved by
each university, as described in section 15-1601, the right to market and promote the
purchase of collegiate special plates. No dues, fees or charges except those specified
in section 28-2412 may be levied or collected by a state university foundation in
connection with collegiate special plates.
D. The fund established in this section is exempt from section 35-190, relating to
lapsing of appropriations. At the direction of the board the state treasurer may invest
and divest inactive monies in the fund as provided by section 35-313. The state
treasurer shall credit all interest earned on the fund monies to the fund.
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