§302A-1405  Federal grants revolving fund. (a)  There is established a federal grants revolving fund into which shall bedeposited the department's share of federal indirect overhead reimbursements,pursuant to section 302A-1404.  Unless otherwise provided by law, all otherreceipts shall immediately be deposited to the credit of the general fund ofthe State.  The department may expend funds in the federal grants revolvingfund to search for discretionary grants, develop program applications to secureadditional revenues for the department, monitor grant execution, ensurecompliance with grant requirements, and audit grant expenditures.  Moneys inthe revolving fund may be expended for consultant services and operationalexpenses, including the creation and hiring of temporary staff.

(b)  The department shall prepare and submit anannual report on the status of the federal grants revolving fund to thelegislature.  The annual report shall include but not be limited to a list ofthe grant applications to the federal agencies and the grant awards received.[L 2000, c 234, pt of §2; am L 2009, c 35, §2]

 

Note

 

Transfer of certain interest earnings to general funduntil June 30, 2015. L 2009, c 79, §30(a)(22).