Cal. Education Code - EDC 6.6. — ARTICLE 6.6. The University of California Kern County Medical Education Endowment Fund [92168. - 92169.] | Education Code - EDC — California

Cal. Education Code - EDC § 92168. Section 92168.

(a) The University of California Kern County Medical Education Endowment Fund is hereby established in the State Treasury. Funds received by the University of California or the Controller, for the purposes set forth in subdivision (b), shall be deposited into the University of California Kern County Medical Education Endowment Fund. For purposes of this article, “endowment fund” means the University of California Kern County Medical Education Endowment Fund. (b) Moneys in the endowment fund shall be allocated to the University of California, upon appropriation by the Legislature, to support the annual operating costs for the development, operation, and maintenance of a branch campus of an existing University of California School of Medicine in the County of Kern, to conduct a feasibility study related to that branch campus, and to generate funding through investment earnings for the support of medical education in the San Joaquin Valley. (c) (1) Moneys in the endowment fund shall initially be invested with the goal of achieving capital appreciation to create a balance sufficient to generate ongoing earnings to cover the estimated annual operating costs associated with the development, operation, and maintenance of a branch campus of an existing University of California School of Medicine in the County of Kern. (2) Upon the determination of the Controller, in consultation with the University of California, that the endowment fund balance has attained the goal established in paragraph (1), moneys in the endowment fund shall be invested to generate earnings to fund annual operating costs associated with the development, operation, and maintenance of a branch campus of an existing University of California School of Medicine in the County of Kern. Moneys shall be invested in a manner that best meets the goals of the endowment fund. (d) The endowment fund may receive donations and contributions from public and private entities, partnerships between public and private entities, fees, cash advances, and transfers from the General Fund as may be specified by law. (e) Earnings generated by the endowment fund shall be retained by the endowment fund. (f) Moneys deposited in the endowment fund are exempt from the requirements of Article 2 (commencing with Section 11270) of Chapter 3 of Part 1 of Division 3 of Title 2 of the Government Code.

Cal. Education Code - EDC § 92169. Section 92169.

(a) (1) Upon the determination of the Controller, in consultation with the University of California, that the endowment fund has adequate principal to annually yield sufficient investment earnings, from the date of determination, to cover the annual costs for the development, operation, and maintenance of a branch campus of an existing University of California School of Medicine in the County of Kern, the University of California shall seek approval and accreditation from the Liaison Committee on Medical Education for a branch campus of an existing University of California School of Medicine in the County of Kern. (2) The Controller, upon appropriation by the Legislature, shall transfer moneys from the endowment fund to the University of California, in an amount equal to the estimated costs of applying for and obtaining approval and accreditation from the Liaison Committee on Medical Education for a branch campus of an existing University of California School of Medicine in the County of Kern. (b) Any funds, public or private, received for or generated by the endowment fund shall supplement, not supplant, any current or future funding. Any funds allocated from the endowment fund shall supplement, not supplant, the University of California budget allocations for any fiscal year.