CHEYENNE, Wyo. (AP) - The Senate gave final approval to a bill that would create a $105 million endowment account for higher education.

Interest generated off the Excellence in Higher Education Endowment Account - estimated at $5 million annually - would be used by the University of Wyoming and the state's seven community colleges to hire more professors and boost research. Some of the money would also be used for scholarships for low income students.

Two-thirds of the earnings from the endowment would go to the university, with the remainder split equally among the community colleges.

The Senate amended the bill to set up a committee that would plan for the fund's implementation. The Committee would consist of representatives from the University of Wyoming, the community colleges and business leaders.

The money for the account would come from the K-12 School Foundation Account, which is $280 million in the black.

The legislation would originally have taken money from the Budget Reserve Account, which is one of two funds legislators rely on for discretionary spending.

The Senate Appropriations Committee had stripped all funding from the bill amid concern that the combination of other spending bills would draw down the reserve account too quickly.

Senators Charles Scott, R-Casper, and Mike Massie, D-Laramie, amended the bill on first reading to take the money out of the public schools account.

The bill now goes to the House for further discussion.

The bill is Senate File 122.