§ 16-4-5 - Use of fund and income – Unexpended funds.
SECTION 16-4-5
§ 16-4-5 Use of fund and income –Unexpended funds. – The income from the fund is appropriated to be used for the promotion andsupport of public education. The board of regents for elementary and secondaryeducation may adopt rules and regulations for the expenditure of these funds.In expending the income the board shall first consider public schoolimprovement projects and programs whose effects could benefit the publicschools of any one or more city, town, or school district in the state. Thecommissioner of elementary and secondary education shall regularly makerecommendations to the board about specific programs and projects to besupported by these funds and the general assembly may make appropriations fromthe fund principal for educational purposes. Whenever any funds areappropriated for educational purposes, the funds shall be used for educationalpurposes only and all these state funds must be used to supplement any and allmoney allocated by a city or town for educational purposes and, in no event,shall state funds be used to supplant, directly or indirectly, any moneyallocated by a city or town for educational purposes. The commissioner shalloversee the fund, assess the effectiveness of its programs and projects, andmake recommendations about the general use and operation of the funds to theboard. For the purposes of this section the general treasurer shall continue tohold, subject to expenditure by the board of regents for elementary andsecondary education, any part of the income of the fund unexpended.