The American Indian scholarship endowment fund is created in the custody of the state treasurer. Funds appropriated by the legislature for the endowment fund must be deposited into the fund.
- (1) Moneys received from the office, private donations, state moneys, and funds received from any other source may be deposited into the endowment fund. Private moneys received as a gift subject to conditions may be deposited into the fund. The investment of private moneys in the fund shall be managed by the state investment board.
- (2) At the request of the office, the state investment board shall release earnings from the private moneys invested by it to the state treasurer.
- (3) When a condition attached to a gift of private moneys in the fund has failed, the office shall then release the moneys to the donors according to the terms of the conditional gift.
- (4) The principal of the endowment fund shall not be invaded. The release of moneys under subsection (3) of this section shall not constitute an invasion of corpus.
- (5) The earnings on the fund shall be used solely for the purposes set forth in RCW 28B.108.040, except when the terms of a conditional gift of private moneys in the fund require that a portion of earnings on such moneys be reinvested in the fund. An appropriation is not required for expenditures from the endowment fund.
[ 2012 c 187 s 3; (2012 c 187 s 2 expired July 1, 2012); 2011 1st sp.s. c 11 s 194; 2009 c 259 s 2; 2007 c 73 s 2; 1993 c 372 s 1; 1991 sp.s. c 13 s 110; 1990 c 287 s 7.]
Notes:
Effective date—2012 c 187 ss 3 and 5: "Sections 3 and 5 of this act take effect July 1, 2012." [ 2012 c 187 s 19.]
Expiration date—2012 c 187 ss 2 and 4: "Sections 2 and 4 of this act expire July 1, 2012." [ 2012 c 187 s 18.]
Effective date—2011 1st sp.s. c 11 ss 101-103, 106-202, 204-244, and 301: See note following RCW 28B.76.020.
Intent—2011 1st sp.s. c 11: See note following RCW 28B.76.020.
Effective dates—Severability—1991 sp.s. c 13: See notes following RCW 18.08.240.