(1) The center is authorized and empowered to solicit and accept financial support from sources other than the state, including private sources and foundations. All funds received shall be deposited upon receipt thereof into a special fund in the State Treasury to be known and designated as the “University Research Center Fund.” Expenditures from such special fund shall be made in the manner as provided in subsection (3) of Section 37-141-21. Any funds received and deposited from sources other than the state to the special fund may be utilized for research grants to the center or to other Mississippi institutions; for graduate research fellowships; for buildings and equipment; for library facilities; for permanent exhibits; for advanced studies by research personnel of the center or any of the institutions of higher learning; for honoraria for visiting lecturers; and for like purposes.
(2) From and after July 1, 1988, any monies remaining in the special fund in the State Treasury known as the Research and Development Center Fund shall be transferred into the University Research Center Fund created in subsection (1) of this section.
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