(1) A participating college or university shall use eighty-five percent (85%) of the funds received from the design-use contribution fee authorized under § 27-24-1005(b)(2) solely for academic or need-based scholarships.
(2) Procedures and criteria used to determine the distribution of the scholarships shall be established and followed by the college or university distributing the funds derived from the collegiate special license plate program.
(3) The college or university shall use the remaining fifteen percent (15%) of the received funds for either academic or need-based scholarships or for the administration and promotion of the collegiate special license plate program.
(4) Funds received from the collegiate special license plate program are supplementary and shall not be considered or used as income for purposes of reducing the general revenue appropriation to the college or university.