(1) There is created a restricted account within the Income Tax Fund to be known as the Education Savings Incentive Restricted Account.
(2) The department shall administer the restricted account for the purposes described in this part.
(3) The state treasurer shall invest the money in the restricted account according to the procedures and requirements of Title 51, Chapter 7, State Money Management Act, except that interest and other earnings derived from the restricted account shall be deposited into the restricted account.
(4) The restricted account shall be funded by:
(a) appropriations made to the account by the Legislature; and
(b) private donations, grants, gifts, bequests, or money made available from any other source to implement this part.
(5) Subject to appropriation, the department:
(a) shall use restricted account money for the program; and
(b) may use a portion of the restricted account money for administration of the program.