41-3-705. Endowment for children. (1) There is within the nonexpendable trust fund type an endowment for children. The endowment is not subject to appropriation. The purpose of the endowment is to provide a permanent source of funding to support the programs and services referred to in 41-3-701.
     (2) The endowment may receive funds from:
     (a) appropriations;
     (b) gifts, grants, and donations, from public or private sources; and
     (c) other money credited or transferred to the endowment from any other fund or source.
     (3) The state treasurer must receive and shall deposit money in the endowment. The board of investments shall invest the money in the endowment. When the endowment reaches $5 million, further deposits may not be made to the endowment. Only the interest generated by the endowment is available for expenditure by the board.

     History: En. Sec. 3, Ch. 405, L. 1997.