The state matching gifts authorized in Section 59-118-70 are subject to the following conditions: (1) qualifying disbursements to which the state matching gift is applied must come from the earnings of the endowment and not from principal or corpus; (2) the state matching funds must go directly into the college's or university's operating account to be spent only for the purposes authorized; (3) the college or university must make application to receive state matching funds on forms and under procedures prescribed by the Commission on Higher Education.
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