(1) The STEM Fund is established in the State Treasury, separate and distinct from the General Fund. Interest earned by the STEM Fund shall be credited to the fund. Moneys in the STEM Fund are continuously appropriated to the Higher Education Coordinating Commission for the purpose of providing scholarships to students to encourage study in science, technology, engineering and mathematics.
(2) The commission may accept grants, donations, contributions or gifts from any source for deposit in the STEM Fund.