(1) The University Concurrency Trust Fund is created within the Department of Education.
(2) The trust fund may be funded each fiscal year as provided in the General Appropriations Act. Moneys in such trust fund shall be for the purpose of funding university offsite improvements required to meet concurrency standards adopted under part II of chapter 163. In addition, in any year in which campus master plans are updated pursuant to s. 1013.30, but no more frequently than once every 5 years, up to 25 percent of the balance in the trust fund for that year may be used to defray the costs incurred in updating those campus master plans. (3)(a) The trust fund is exempt from the service charges imposed by s. 215.20. (b) Notwithstanding s. 216.301 and pursuant to s. 216.351, any balance in the trust fund at the end of the fiscal year shall remain in the trust fund and shall be available for carrying out the purposes of the trust fund.