1. The Collegiate License Plate Account is hereby created in the State General Fund.
2. The money in the Account does not lapse to the State General Fund at the end of any fiscal year.
3. The Board of Regents shall administer the Account.
4. The money in the Account must only be used for academic and athletic scholarships for students of the University of Nevada, Reno, and the University of Nevada, Las Vegas. One-half of the money must be used for academic scholarships, and one-half of the money must be used for athletic scholarships.
(Added to NRS by 1993, 1346)