(1) There is hereby created in the state treasury the early childhood cash fund, referred to in this part 1 as the "fund", that shall consist of such moneys as may be appropriated to the fund by the general assembly and credited to the fund pursuant to subsection (2) of this section. The moneys in the fund shall be subject to annual appropriation by the general assembly for the direct and indirect costs associated with the implementation of this part 1.
The state department is authorized to seek and accept gifts, grants, or donations fromprivate and public sources for the purposes of this part 1. All private and public moneys received through gifts, grants, or donations shall be transmitted to the state treasurer, who shall credit the same to the fund. The moneys in the fund shall be subject to annual appropriation by the general assembly to the state department for the direct and indirect costs associated with the implementation of this part 1.
Any moneys in the fund not expended for the purposes of this part 1 may be investedby 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.
The state department may expend up to, but not exceeding, five percent of the moneys annually appropriated from the fund to offset the costs incurred in implementing this part 1.
Any unexpended and unencumbered moneys remaining in the fund at the end of afiscal year shall remain in the fund and shall not be credited or transferred to the general fund or another fund.
Source: L. 2007: Entire section added, p. 1643, § 10, effective May 31. L. 2009: (1), (2), (3), and (4) amended, (HB 09-1343), ch. 355, p. 1856, § 8, effective June 1.