(A) After the fund has reached four hundred thousand dollars, each qualifying institution may request the transfer of one hundred thousand dollars for the sole purpose of being held and administered by the institution as the corpus of a perpetual endowment fund known as the "Environmental Scholars Endowment". Only an annual amount no greater than the annual interest income earned from the corpus of the endowment is to be expended for the award of scholarships or fellowships to students pursuing graduate level degrees in environmental studies or environmental sciences. The corpus of the fund must not be invaded by the institution.
(B) A qualifying institution that establishes an Environmental Scholars Endowment must agree to raise one hundred thousand dollars in private match funds before July 1, 1999. If an institution fails to raise the one hundred thousand dollars in private match funds before July 1, 1999, the corpus of the endowment reverts to the fund.
HISTORY: 1994 Act No. 497, Part II, Section 104.