(1) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a miscellaneous fund to be known as the “Newborn Umbilical Cord Blood Initiative Fund”.
(2) The fund shall consist of those funds provided by the income tax check-off program pursuant to § 26-51-2508, federal and private grants and donations, and any other funds authorized by law.
(3) The fund shall be used for the purposes set forth in the Newborn Umbilical Cord Blood Initiative Act, § 20-8-501 et seq.