(1) A participating college or university shall use all moneys collected under § 27-24-1106(b)(2) exclusively for the purpose of sponsoring college scholarships, for education programs in the field of agriculture, and for the benefit of the public.
(2) Procedures and criteria used to determine the distribution of the moneys shall be established and followed by the college or university distributing the funds derived from the special license plate program under this subchapter.
(3) Funds received from the special license plate program under this subchapter are supplementary and shall not be considered or used as income for purposes of reducing the general revenue appropriation to the college or university.