20-26-617. Montana STEM scholarship program state special revenue account.
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20-26-617 . Montana STEM scholarship program state special revenue account.
(1)There is a Montana STEM scholarship program account within the state special revenue fund established in 17-2-102 . The purpose of the account is to fund the Montana STEM scholarship program. The account is administered by the board through the office of the commissioner of higher education.
(2)There must be paid into the account the lottery net revenue calculated pursuant to 23-7-402 .
(3)If the amount in this account is greater than the amount required to fund the scholarships in the amounts required by 20-26-616 , the excess funds must be carried over and used to fund scholarships in the next fiscal year.
(4)If the amount in this account is less than required to fully fund the scholarships as required by 20-26-616 , the board may prorate the amount of individual scholarships so that each eligible student still receives a Montana STEM scholarship.
(5)The board may use up to 1% of the funds transferred into the account in each fiscal year for costs related to administering the Montana STEM scholarship program.
(6)This account is statutorily appropriated, as provided in 17-7-502 , to the board for the Montana STEM scholarship program established in this part.