Today's Law As Amended


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SB-747 Central Valley Medical School Endowment Fund.(2021-2022)



As Amends the Law Today


SECTION 1.

 Section 89012 is added to the Education Code, to read:

89012.
 (a) The Central Valley Medical School Endowment Fund is hereby established, to be administered by the California State University Foundation. Funds received for the purposes set forth in subdivision (b) shall be deposited into the Central Valley Medical School Endowment Fund. For purposes of this section “endowment fund” means the Central Valley Medical School Endowment Fund.
(b) Notwithstanding Section 13340 of the Government Code, all moneys deposited in the endowment fund are hereby continuously appropriated, without regard to fiscal year, to the California State University to support the establishment of a medical school in the central valley region.
(c) The endowment fund may receive donations and contributions from public and private sources.
(d) Earnings generated by the endowment fund shall be retained by the endowment fund.