USM Science Research Fund

(1) There is created in the State Treasury a special fund to be designated as the “USM Science Research Fund.” The fund shall be maintained by the State Treasurer as a separate and special fund, separate and apart from the General Fund of the state. The fund shall consist of funds made available by the Legislature in any manner and funds from any other source designated for deposit into such fund. Monies in the fund may be expended by the Department of Finance and Administration, upon appropriation by the Legislature, to assist the University of Southern Mississippi with paying costs associated with the design, construction, renovation, repairs, furnishing, equipping, parking lots, lighting and any related infrastructure of the Science and Technology Research Facility to be located next to the Walker Science Center on the Hattiesburg campus. Unexpended amounts remaining in the fund at the end of a fiscal year shall not lapse into the State General Fund, but any interest earned or investment earnings on amounts in the fund shall be deposited into the State General Fund (Fund No. 2999000000).