1.    A special operating fund for the center for distance education must be maintained within the state treasury and all income and fees collected by the center for distance education from any source must be remitted monthly by the superintendent of public instruction to the state treasurer and credited to the special operating fund. All expenditures from the fund must be within the limits of legislative appropriations and must be made upon vouchers, signed and approved by the director. Upon approval of the vouchers by the office of the budget, warrant-checks must be prepared by the office of management and budget.

2.    The superintendent of public instruction may establish an endowment and scholarship fund to provide financial grants to students enrolled in courses offered through the center for distance education. The endowment and scholarship fund may consist only of those funds specifically appropriated by the legislative assembly and property received by the center for distance education as a gift, devise, or bequest. Any gift, devise, or bequest of property received by the center for distance education which is designated by the superintendent of public instruction and donor for the endowment and scholarship fund must be deposited in the scholarship fund at the Bank of North Dakota. The center for distance education may draw on the endowment and scholarship fund for the award of endowments and scholarships within the limits and rules adopted by the superintendent of public instruction.