Sec 15-1663. Expenditure of land funds; eminent scholars matching grant fund

A. Except as provided in subsection B of this section, the Arizona board of regents may expend, as it deems expedient and as is not inconsistent with the provisions of any appropriation, the income of the land funds established pursuant to the enabling act in accordance with the purposes specified in the enabling act for each land fund specified in section 15-1662.

B. Beginning with the 1998-1999 fiscal year, the universities land fund shall be known as the eminent scholars matching grant fund and shall consist of the annual income from the universities land fund. The eminent scholars matching grant fund shall be used to provide to the universities matching monies for the interest earned on nonpublic endowment monies donated to attract and retain eminent faculty. Appropriations to the Arizona board of regents for the eminent scholars matching grant fund shall commence in the 1998-1999 fiscal year. The eminent scholars matching grant fund shall be allocated as follows:

1. Monies in the eminent scholars matching grant fund shall be used to supplement and not supplant any other sources of monies for the universities. Monies shall be allocated to each university on a dollar-for-dollar match basis. The amount allocated shall be equal to the amount of interest earned in the previous calendar year by each university on the nonpublic endowment monies donated from and after December 31, 1997 which are designated by the universities as being solely for the purpose of attracting and retaining eminent faculty.

2. If the monies appropriated by the legislature for the eminent scholars matching grant fund are greater than the amount of interest earned on the nonpublic endowment monies designated by the universities for expenditure as provided in this subsection, the board may allocate the excess monies as provided in subsection A of this section.

3. If the monies appropriated by the legislature for the eminent scholars matching grant fund are less than the amount of interest earned on the nonpublic endowment monies designated by the universities for expenditure as provided in this subsection, the board shall allocate the monies to each university in a manner deemed appropriate.