A. There is hereby created in the state treasury as a special fund the Commemorative Pet Stamp Fund. Monies shall be deposited into the fund by the state treasurer after compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund. In addition to revenues otherwise provided in this Section, the source of monies deposited into the fund shall be any monies appropriated or transferred to the fund, monies collected by the council pursuant to the program, and any monies designated for the fund and received by the state treasurer from donations, gifts, or grants for the program. Monies in the fund shall be invested in the same manner as monies in the state general fund, and unexpended and unencumbered monies in the fund at the end of the fiscal year shall remain in the fund. Interest earned on the investment of monies in the fund shall be deposited in and credited to the fund. The state treasurer shall prepare and submit to the council on a quarterly basis a printed report showing the balance of the fund.
B. Monies in the fund shall be used solely by the council for programs and purposes as provided in this Subpart. The council may distribute monies from the fund to qualified entities and may award such monies in the form of a grant and in the amount that it deems appropriate. The council may use up to fifteen percent of the revenues received annually pursuant to the program for promotion, marketing, and administrative costs associated with the program.