Student loan repayment assistance reserve fund.

Sec. 27j. (1) The student loan repayment assistance reserve fund is created as a separate account within the state school aid fund. (2) The state treasurer may receive money or other assets from any source for deposit into the student loan repayment assistance reserve fund. The state treasurer shall direct the investment of the student loan repayment assistance reserve fund. The state treasurer shall credit to the student loan repayment assistance reserve fund interest and earnings from student loan repayment assistance reserve fund investments. (3) Money in the student loan repayment assistance reserve fund at the close of the fiscal year lapses to the state school aid fund. (4) The department of treasury is the administrator of the student loan repayment assistance reserve fund for auditing purposes. (5) Money available in the student loan repayment assistance reserve fund must not be expended without a specific appropriation.