Section 2-2-114

Published: 2015

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Section 2-2-114

Section 2-2-114Public Interest Energy and Fuel Research and Development Grants Fund.

There is hereby created in the State Treasury for administration by the Department of Agriculture and Industries Center for Alternative Fuels a fund to be known as the Public Interest Energy and Fuel Research and Development Grants Fund. The fund may receive state appropriations, gifts, grants, federal funds, and any other private and public funding. The fund shall be kept separate and apart from all other moneys in the Treasury and shall be used for the purposes set forth in this chapter only by warrant of the Comptroller upon the State Treasurer, upon itemized vouchers, approved by the Commissioner of Agriculture and Industries. The commissioner shall expend and deduct from the fund 20 percent of those amounts used for the operation of the center and the program pursuant to this chapter. No funds may be withdrawn or expended except as budgeted and allotted according to Article 4 of Chapter 4 of Title 41. The unobligated balance of the fund shall be invested by the State Treasurer for the benefit of the fund. Any interest earnings on the fund shall be credited only to the fund. Any unallocated appropriations made by the Legislature to the fund shall not revert at the end of any state fiscal year, but shall remain available for expenditure in subsequent fiscal years.

(Act 2012-527, p. 1564, §5.)