(1) There is created a restricted account within the General Fund known as the Workforce Development Restricted Account.
(2) The restricted account shall be administered to provide funding for collaborative projects that support: (a) economic development in the state; (b) workforce development in the state; and (c) scientific and technical innovation and entrepreneurship in the state.
(a) economic development in the state;
(b) workforce development in the state; and
(c) scientific and technical innovation and entrepreneurship in the state.
(3) The state treasurer shall invest the money in the restricted account according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act, except that interest and other earnings derived from the restricted account shall be deposited into the restricted account.
(4) The restricted account shall be funded by appropriations made to the account by the Legislature.
(5) Subject to appropriation and direction from the Legislature, account money may be used in accordance with this section.
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