23-299.1 - College Partnership Laboratory School Fund established. - Virginia Statutes

§ 23-299.1. College Partnership Laboratory School Fund established.

There is hereby created in the state treasury a special nonreverting fund tobe known as the College Partnership Laboratory School Fund, hereafterreferred to as "the Fund." The Fund shall be established on the books ofthe Comptroller. All funds appropriated in accordance with the appropriationact and any gifts, grants, bequests, or donations from public or privatesources shall be paid into the state treasury and credited to the Fund.Interest earned on moneys in the Fund shall remain in the Fund and becredited to the Fund. Any moneys remaining in the Fund, including interestthereon, at the end of each fiscal year shall not revert to the general fundbut shall remain in the Fund. Moneys in the Fund shall be used solely for thepurposes of establishing or supporting college partnership laboratory schoolsin the Commonwealth that stimulate the development of alternative educationprograms for preschool through grade 12 students by providing opportunitiesfor innovative instruction and greater cooperation and coordination betweeninstitutions of higher education and preschool through grade 12 educationsystems. Expenditures and disbursements from the Fund shall be made by theState Treasurer on warrants issued by the Comptroller upon written requestsigned by the Superintendent of Public Instruction. The Board of Educationshall establish criteria for making distributions from the Fund to a collegepartnership laboratory school requesting moneys from the Fund and may issueguidelines governing the Fund as it deems necessary and appropriate.

(2010, cc. 816, 871.)