60-3,129 Spirit Plate Proceeds Fund; created; use; investment.
60-3,129. Spirit PlateProceeds Fund; created; use; investment.(1) TheSpirit Plate Proceeds Fund is created. Any money in the fund available forinvestment shall be invested by the state investment officer pursuant to theNebraska Capital Expansion Act and the Nebraska State Funds Investment Act.(2) If the cost of manufacturing Nebraska Cornhusker SpiritPlates at any time exceeds the amount charged for license plates pursuantto section 60-3,102, any money to be credited to the Spirit Plate ProceedsFund shall instead be credited first to the Highway Trust Fund in an amountequal to the difference between the manufacturing costs of such spirit platesand the amount charged pursuant to such section with respect to such spiritplates and the remainder shall be credited to the Spirit Plate Proceeds Fund as provided in section 60-3,128.(3) The first three million dollars credited to the SpiritPlate Proceeds Fund and not credited to the Highway Trust Fund shall be appropriatedto the University of Nebraska to establish an endowment fund to provide financialsupport to former University of Nebraska athletes to pursue undergraduateand postgraduate studies at any University of Nebraska campus. Funds appropriatedby the Legislature for such scholarship program shall be held, managed, andinvested as an endowed scholarship fund in such manner as the Board of Regentsof the University of Nebraska shall determine and as authorized by section 72-1246. The income from the endowed scholarship fund shall be expended forsuch scholarships. The University of Nebraska shall grant financial supportto former athletes who demonstrate financial need as determined by the FederalPell Grant Program or similar need-based qualifications as approved by thefinancial aid office of the appropriate campus.(4) The next two million dollars credited to the Spirit PlateProceeds Fund and not credited to the Highway Trust Fund shall be appropriatedto the University of Nebraska to establish an endowment fund to provide financialsupport for the academic service units of the athletic departments of thecampuses of the University of Nebraska in support of academic services toathletes. SourceLaws 2005, LB 274, § 129; Laws 2009, LB110, § 12. Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.