There is hereby established in the state treasury the federal grants and contracts fund. The Board of Regents and its institutions may accept and shall deposit into the fund any money received from grants, contracts, or cooperative agreements with federal government agencies. Any money in the fund is continuously appropriated to the Board of Regents and its institutions. The Board of Regents and its institutions may expend money in the fund for expenditures related to federal grants and contracts. Interest earned on money in the fund shall be deposited into the fund. Unexpended money and any interest that may be credited to the fund shall remain in the fund. Any money deposited into and distributed from the fund shall be set forth in an informational budget as described in § 4-7-7.2 .
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