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Title XI EDUCATION AND LIBRARIES

Chapter 160

Effective - 28 Aug 1993 bottom

  160.268.  Excellence in education revolving fund established — purposes — funding, administration of fund — exempt from transfer to general revenue. — 1.  There is hereby created a revolving fund for the department of elementary and secondary education which shall be known as the "Excellence in Education Fund", and which shall be administered by the commissioner of the department of elementary and secondary education.  The excellence in education fund shall consist of moneys appropriated annually by the general assembly from general revenue to such fund, and any moneys paid into the state treasury and required by law to be credited to such fund.  The annual increase of such appropriation to the revolving fund shall not exceed thirty-three and one-third percent of the increase in the appropriation for the foundation program under section 163.031 for any fiscal year.  The excellence in education fund shall be kept separate and apart from all other moneys in the state treasury and shall be paid out by the state treasurer pursuant to chapter 33.

  2.  After appropriation pursuant to law, the moneys in the excellence in education fund shall be available for the payment of the costs and expenses for programs which shall include, but not be limited to:

  (1)  The incentives for school excellence program established in section 160.264;

  (2)  The professional teacher and administrator programs established in sections 168.400 and 168.410;

  (3)  The career development and teacher excellence plan established in section 168.500 for which funding shall be distributed pursuant to section 163.031.

  3.  All revenue collected through cost recovery activities authorized pursuant to law shall be credited to the excellence in education fund.

  4.  Any unexpended balance in the excellence in education fund at the end of each fiscal year shall be exempt from the provisions of section 33.080 relating to the transfer of unexpended balances to the general revenue fund.

  5.  Moneys in the excellence in education fund shall be invested by the state treasurer in the same deposits and obligations in which state funds are authorized by law to be invested; except that, the income accruing from such investments shall be credited to the excellence in education fund on an annual basis.

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(L. 1985 H.B. 463 § 7, A.L. 1993 S.B. 380)


---- end of effective   28 Aug 1993 ----

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