[§302A-1405]  Federal grants search, development, and application revolving fund.  (a)  There is established a federal grants search, development, and application revolving fund into which shall be deposited the department's share of federal indirect overhead reimbursements, pursuant to section 302A-1404.  Unless otherwise provided by law, all other receipts shall immediately be deposited to the credit of the general fund of the State.  The department may expend funds in the federal grants search, development, and application revolving fund to search for discretionary grants and develop program applications to secure additional revenues for the department.  Moneys in the revolving fund may be expended for consultant services and operational expenses, including the creation and hiring of temporary staff.

     (b)  The department shall prepare and submit an annual report on the status of the federal grants search, development, and application revolving fund to the legislature.  The annual report shall include but not be limited to a list of the grant applications to the federal agencies and the grant awards received. [L 2000, c 234, pt of §2]