RS 17:421.12 Teacher educational aid for children fund - Louisiana Statutes

§421.12.  Teacher Educational Aid for Children Fund

A.  There is hereby established, as a special fund in the state treasury, the Teacher Educational Aid for Children Fund (the TEACH Fund).  After compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all of the obligations secured by the full faith and credit of the state which become due and payable within any fiscal year, the treasurer shall pay the TEACH Fund any amount appropriated by the legislature.  The monies in this fund shall be used only as provided in Subsection B of this Section and only in the amounts appropriated by the legislature.  All unexpended and unencumbered monies in this fund at the end of the fiscal year shall remain in the fund and shall retain their allocation for use and expenditure in accordance with the provisions of Subsection B of this Section.  The monies in this fund shall be invested by the state treasurer in the same manner as monies in the state general fund.  Interest earned on the investment of monies in this fund shall be credited to the fund, following compliance with the requirements of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund.

B.  Monies in the TEACH Fund shall be used and expended solely as appropriated annually by the legislature for pay increases or salary increases for certificated personnel.

Acts 2005, No. 179, §10, eff. June 28, 2005.