(1) (a) Beginning in the 2011-12 fiscal year, the Colorado school of mines shall use a portion of its fee-for-service funding negotiated pursuant to section 23-18-303 for the following purposes:

(I) To provide merit-based scholarships, need-based financial aid, and graduate student support to assist students with in-state classification to attend the institution;

(II) To provide services and programs designed to enhance student success, including but not limited to advising, counseling, academic support, and career services; and

(III) To provide precollegiate programs and services designed to increase and broaden participation in science, technology, engineering, and math fields and enrollment at the Colorado school of mines.

(b) The Colorado school of mines shall increase the portion of fee-for-service funding used to ensure that, no later than the 2020-21 fiscal year and for each fiscal year thereafter, all fee-for-service funding is used for the purposes set forth in subsection (1)(a) of this section, except as otherwise provided in subsection (2)(b) of this section.

(2) (a) (Deleted by amendment, L. 2011, (HB11-1074), ch. 61, p. 159, § 1, effective August 10, 2011.)

(b) Beginning in 2020-21 and in any fiscal year thereafter in which the average discounted tuition rate for undergraduate students with in-state classification enrolled at the Colorado school of mines is greater than thirty percent, the institution may use any amount of fee-for-service funding that is not used to maintain the average discounted tuition rate at thirty percent for other operational purposes. As used in this paragraph (b), "average discounted tuition rate" means the total of the amount of merit-based and need-based scholarships and grants awarded from institution funds to undergraduate students with in-state classification enrolled in the institution divided by the total tuition revenue from undergraduate students with in-state classification.

(3) (Deleted by amendment, L. 2011, (HB11-1074), ch. 61, p. 159, § 1, effective August 10, 2011.)