Use of funds

(a) An institution of higher education in the state that receives funds under this subchapter from the design-use contribution fee shall use one hundred percent (100%) of the funds exclusively for academic or need-based scholarships. (b) Procedures and criteria used to determine the distribution of the scholarships shall be established and followed by the endowment funds of the participating institutions of higher education that distribute the funds derived from the special license plates under this subchapter. Acts 2005, No. 2202, § 1. (a) An institution of higher education in the state that receives funds under this subchapter from the design-use contribution fee shall use one hundred percent (100%) of the funds exclusively for academic or need-based scholarships. (b) Procedures and criteria used to determine the distribution of the scholarships shall be established and followed by the endowment funds of the participating institutions of higher education that distribute the funds derived from the special license plates under this subchapter. Acts 2005, No. 2202, § 1.