160.268. Excellence in education revolving fund established--purposes--funding, administration of fund--exempt from transfer to general revenue.
Excellence in education revolving fund established--purposes--funding,administration of fund--exempt from transfer to general revenue.
160.268. 1. There is hereby created a revolving fund forthe department of elementary and secondary education which shallbe known as the "Excellence in Education Fund", and which shallbe administered by the commissioner of the department ofelementary and secondary education. The excellence in educationfund shall consist of moneys appropriated annually by the generalassembly from general revenue to such fund, and any moneys paidinto the state treasury and required by law to be credited tosuch fund. The annual increase of such appropriation to therevolving fund shall not exceed thirty-three and one-thirdpercent of the increase in the appropriation for the foundationprogram under section 163.031, RSMo, for any fiscal year. Theexcellence in education fund shall be kept separate and apartfrom all other moneys in the state treasury and shall be paid outby the state treasurer pursuant to chapter 33, RSMo.
2. After appropriation pursuant to law, the moneys in theexcellence in education fund shall be available for the paymentof the costs and expenses for programs which shall include, butnot be limited to:
(1) The incentives for school excellence programestablished in section 160.264;
(2) The professional teacher and administrator programsestablished in sections 168.400 and 168.410, RSMo;
(3) The career development and teacher excellence planestablished in section 168.500, RSMo, for which funding shall bedistributed pursuant to section 163.031, RSMo.
3. All revenue collected through cost recovery activitiesauthorized pursuant to law shall be credited to the excellence ineducation fund.
4. Any unexpended balance in the excellence in educationfund at the end of each fiscal year shall be exempt from theprovisions of section 33.080, RSMo, relating to the transfer ofunexpended balances to the general revenue fund.
5. Moneys in the excellence in education fund shall beinvested by the state treasurer in the same deposits andobligations in which state funds are authorized by law to beinvested; except that, the income accruing from such investmentsshall be credited to the excellence in education fund on anannual basis.
(L. 1985 H.B. 463 § 7, A.L. 1993 S.B. 380)