All money received pursuant to the provisions of chapter 3644 of the Public Laws of 1956 shall be deemed to be trust funds to be held by the general treasurer or by the university of Rhode Island foundation, as provided in § 16-32-26, in a special fund the income of which shall be made available to the board of trustees to be applied by it solely for use as scholarship grants in the field of pharmacy and allied sciences, in any manner and under any conditions as the board of trustees for higher education may determine. The board of trustees for higher education is authorized and empowered, from time to time, as occasion may require, to draw on the general treasurer or on the university of Rhode Island foundation, for the annual income of the fund, or so much of this amount as may be necessary, to carry out this objective.