[Paragraph I effective until July 1, 2027; see also paragraph effective July 1, 2027, set out below.]
I. There is hereby established in the office of the treasurer the New Hampshire excellence in higher education endowment trust fund which shall be kept distinct and separate from all other funds. During the biennium ending June 30, 2027, annual assessments less any annual administrative costs received from the New Hampshire college tuition savings plan established under RSA 195-H, and less $6,000,000 per year of gross proceeds from assessments collected, which shall be allocated to the general fund, shall be credited to the trust fund to provide scholarships for the benefit of residents of the state pursuing programs of study at eligible educational ins