(a) There is hereby created in the state treasury the optometry education repayment fund. The state board of regents shall remit all moneys received under Kan. Stat. Ann. § 74-3272, and amendments thereto, to the state treasurer in accordance with the provisions of Kan. Stat. Ann. § 75-4215, and amendments thereto. Upon receipt of each such remittance, the state treasurer shall deposit the entire amount in the state treasury to the credit of the optometry education repayment fund. All expenditures from the optometry education repayment fund shall be for payment of amounts for guaranteed admission and continued enrollment of designated persons at accredited schools or colleges of optometry in a course of instruction leading to a degree in optometry in accordance with a contract under Kan. Stat. Ann. § 76-721a, and amendments thereto. Such expenditures shall be made in accordance with appropriation acts upon warrants of the director of accounts and reports issued pursuant to vouchers approved by the executive officer of the state board of regents or a person designated by the executive officer.

(b) On the effective date of this act, the director of accounts and reports shall transfer from the state general fund to the optometry education repayment fund an amount equal to the amount received by the board of regents under Kan. Stat. Ann. § 74-3272, and amendments thereto, and remitted to the state treasurer since January 1, 1993, for credit to the state general fund.