The Board of Higher Education State Contracts and Grants Fund is created as a special fund in the State treasury. The Board shall deposit into the Fund moneys received from grants, awards, or other financial activities from state or local government agencies, and, where appropriate, other funds made available through contracts with state or local government agencies. Moneys in the Fund may be used by the Board, subject to appropriation, for grants, awards, contracts, and other purposes in accordance with this Act.
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