Section 388.1836j - Postsecondary scholarship fund(1) The postsecondary scholarship fund is created in the department of treasury for the purpose of providing scholarship awards to eligible students who attend eligible postsecondary educational institutions in this state, as provided in subsection (5).(2) The state treasurer may receive money or other assets from any source for deposit into the postsecondary scholarship fund. The state treasurer shall direct the investment of the postsecondary scholarship fund. The state treasurer shall credit to the postsecondary scholarship fund interest and earnings from postsecondary scholarship fund investments.(3) Money in the postsecondary scholarship fund at the close of the fiscal year must remain in the postsecondary scholarship fund and not lapse to the general fund.(4) The department of treasury shall be the administrator of the postsecondary scholarship fund for auditing purposes.(5) Money must be expended from the postsecondary scholarship fund only for the purpose of providing Michigan achievement scholarship awards to eligible students who attend eligible postsecondary educational institutions in this state. Not more than $10,000,000.00 may be used by the department annually for the purposes of outreach and marketing programs as specified in section 248(9).(6) For the fiscal year ending September 30, 2024, $300,000,000.00 is deposited into the postsecondary scholarship fund from the state general fund/general purpose money.(7) It is the intent of the legislature that the postsecondary scholarship fund serves as the primary funding source of the Michigan achievement scholarship. To ensure the Michigan achievement scholarship provides ongoing supports for students, it is the intent of the legislature to increase annual deposits into the postsecondary scholarship fund by $50,000,000.00 per year until the fully implemented costs of the Michigan achievement scholarship are deposited annually into the postsecondary scholarship fund.Amended by 2023, Act 103,s 199, eff. 10/1/2023.Amended by 2022, Act 212,s 8, eff. 10/1/2022.Added by 2022, Act 144,s 159, eff. 10/1/2022.