Such challenge grants shall be matched by the university’s foundation on a basis of $3.00 of contributions and accrued interest thereon, received by said university’s foundation for every $2.00 in challenge grant money from the Alabama Trust Fund for Eminent Scholars. Matching funds shall come from contributions, and accrued interest thereon, received by such university’s foundation after October 1, 1985, which are for the eminent scholars fund or from unpledged contributions, and accrued interest thereon, received by such university’s foundation. Each university’s foundation shall establish an Eminent Scholars Fund account for each grant, which shall serve as the depository for funds received pursuant to this chapter. State matching funds in the amount of $400,000.00 shall be transferred by the Alabama Commission on Higher Education to a university’s foundation within 90 days of notification, by such university’s foundation to the Alabama Commission on Higher Education, that such university’s foundation has received and deposited $600,000.00 in its Eminent Scholars Trust Fund account. But no matching funds shall be transferred by the Alabama Commission on Higher Education until the Alabama Commission on Higher Education has verification, in the form of a current bank statement, from the respective university’s foundation that such university’s foundation has a total of at least $600,000.00 in its eminent scholars fund.
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