Section 302A-1405 - Federal grants revolving fund(a) There is established a federal grants revolving fund into which shall be deposited the department's share of federal indirect overhead reimbursements, pursuant to section 302A-1404. Unless otherwise provided by law, all other receipts shall immediately be deposited to the credit of the general fund of the State. The department may expend funds in the federal grants revolving fund to search for discretionary grants, develop program applications to secure additional revenues for the department, monitor grant execution, ensure compliance with grant requirements, and audit grant expenditures. Moneys in the revolving fund may be expended for consultant services and operational expenses, including the creation and hiring of temporary staff.(b) The department shall prepare and submit an annual report on the status of the federal grants revolving fund to the legislature. The annual report shall include but not be limited to a list of the grant applications to the federal agencies and the grant awards received. L 2000, c 234 , pt of §2; am L 2009, c 35, §2 .Transfer of certain interest earnings to general fund until June 30, 2015. L 2009, c 79, §30(a)(22).