(1) There is hereby created in the state treasury the information technology education fund, referred to in this section as the "fund", for the purpose of funding information technology education grants through the grant program. The fund shall consist of all moneys appropriated to the fund by the general assembly and any gifts, grants, donations, and other moneys received by the department for implementation of the grant program. The moneys in the fund shall be subject to annual appropriation. Any unexpended and unencumbered moneys remaining in the fund at the end of any fiscal year shall remain in the fund and shall not revert or be credited or transferred to the general fund nor be transferred to any other fund. Any interest derived from the deposit and investment of moneys in the fund shall remain in the fund and shall not be credited to the general fund.
(2) The department shall seek and apply for any available grant moneys for implementation of the grant program. Any moneys so obtained shall be credited to the fund for use in implementing the grant program. The department may retain up to one percent of the moneys annually appropriated to the fund to offset the actual administrative costs incurred in administering the grant program.
Source: L. 2001: Entire article added, p. 839, § 1, effective June 1.