28B.119.050 - Washington promise scholarship account.

Washington promise scholarship account.

(1) The Washington promise scholarship account is created in the custody of the state treasurer. The account shall be a nontreasury account retaining its interest earnings in accordance with RCW 43.79A.040.

     (2) The higher education coordinating board shall deposit in the account all money received for the program. The account shall be self-sustaining and consist of funds appropriated by the legislature for the Washington promise scholarship program, private contributions to the program, and refunds of Washington promise scholarships.

     (3) Expenditures from the account shall be used for scholarships to eligible students.

     (4) With the exception of the operating costs associated with the management of the account by the treasurer's office as authorized in chapter 43.79A RCW, the account shall be credited with all investment income earned by the account.

     (5) Disbursements from the account are exempt from appropriations and the allotment provisions of chapter 43.88 RCW.

     (6) Disbursements from the account shall be made only on the authorization of the higher education coordinating board.

[2002 c 204 § 6.]