(1) It is the intent of the general assembly that any costs associated with implementing this article shall be paid for by the receipt of any available federal moneys or other gifts, grants, or donations and that no additional general fund moneys be appropriated for the implementation of the grant program.
The department is authorized to seek, accept, and expend any federal moneys orother gifts, grants, or donations for the purposes of this article. If necessary, any gifts, grants, or donations shall be transmitted to the state treasurer who shall credit them to the early childhood educator development scholarship fund, which fund is hereby created and referred to in this section as the "fund".
The moneys in the fund shall be continuously appropriated to the department for thedirect and indirect costs associated with implementing this article. Any moneys in the fund not expended for the purpose of this article may be invested by the state treasurer as provided by law. All interest and income derived from the investment and deposit of moneys in the fund shall be credited to the fund. Any unexpended and unencumbered moneys remaining in the fund at the end of a fiscal year shall remain in the fund and shall not be credited or transferred to the general fund or another fund.
The department shall retain only the actual amount of direct and indirect costs necessary to implement this article.
Source: L. 2010: Entire article added, (HB 10-1030), ch. 115, p. 389, § 1, effective August 11.