§ 6-20-203 - Public School Fund -- Creation and management.
6-20-203. Public School Fund -- Creation and management.
(a) (1) At the end of each fiscal year, the Treasurer of State shall transfer to the credit of the Public School Fund all unappropriated balances of the Land Sales Fund that have been or may be made to this state and that are not otherwise appropriated by the terms of the grant, gift, or devise.
(2) The balances shall be securely invested and preserved as the Public School Fund of the state and shall be the common property of the state for public school purposes only. The fund shall remain inviolate and intact, and the interest thereon only shall be expended for the maintenance of the schools of the state.
(b) All moneys belonging or owing to the fund, as mentioned in subsection (a) of this section, or accruing as revenues therefrom, shall be paid directly into the State Treasury and shall not be paid out except on a warrant of the Auditor of State.
(c) Under the direction of the State Board of Education, the Auditor of State shall draw his or her warrants on the Treasurer of State for the disbursement of those funds for those purposes.