(1) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Nursing Student Scholarship Fund”.
(2) The fund shall consist of funds appropriated for nursing student scholarships, and grants, contributions, or gratuities derived from federal means or private persons or corporations, there to be used for providing scholarships or financial assistance to nursing students, as administered by the Graduate Nurse Educator Loan and Scholarship Board as set out in § 6-81-1201 et seq.