(a) There is created within the general fund a special endowment trust fund earmarked for the sole purpose of generating revenue to provide funds to promote leadership in agricultural and home economic programs in institutions of higher education.
(b) Any person, association, corporation or governmental entity may make contributions to the special endowment trust fund, and the treasurer is authorized to accept all gifts, grants or funds specifically appropriated for that purpose, and shall deposit such amounts in the special endowment trust fund. Funds in the special fund shall be consolidated with state funds under the control of the treasurer in the same manner and as provided in § 9-4-704.
(c) Except as provided in subsection (b), for administrative expenses, interest earned from funds deposited in the special fund shall be used for the purposes provided in subsection (a).
(d) The state treasurer has the authority to promulgate necessary and appropriate rules and regulations in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, to include, but not be limited to, guidelines relative to the manner in which deposits shall be accepted for and made to the special fund, and the manner in which applicable amounts will be distributed according to appropriate regulations promulgated pursuant to § 49-7-702 [repealed].
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