(a) There is hereby created within the department of business regulation a restricted receipt account to be known as the Rhode Island state firefighter’s league grant account. Donations received from the Rhode Island state firefighter’s league shall be deposited into this account, and shall be used solely to fund education and training programs for firefighters in the state.
(b) All amounts deposited in the Rhode Island state firefighter’s league grant account shall be exempt from the indirect cost recovery provisions of § 35-4-27.